2023 Budget: Our style of budgeting is a problem—Ibezim

Chukwuma Frank Ibezim

The Senator representing Imo North senatorial district, Sen. Frank Chukwuma Ibezim has expressed displeasure over the style of budgeting in the country, adding that for over 60years Nigeria have been doing the same thing all in the name of budgeting.

Ibezim made this statement while speaking to some journalists concerning the just presented budget by the President of the Country on Tuesday in Abuja.

President Muhammadu Buhari recently presented a budget proposal of N20.51trillion for 2023 fiscal year to the joint session of the National Assembly

Tagged Budget of Fiscal Sustainability and Transition, it is about N750billion higher than N19.76trillion earlier proposed in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP and also higher than N17.23 trillion aggregate expenditure for 2022 by N3.28trillion.

President Buhari, however, made a lower projection of budget deficit by pegging it at N10.78trillion against N11.30trillion proposed in the MTEF/FSP documents.

The N10.78trillion deficit as explained by the President will be funded by projected N8.80trillion new borrowings and proceeds from privatized assets and others.

Ibezim explained that this is not what budget should be, when it is based on another person’s currency, adding that Nigeria should not rely only in oil but rather engage in some other resources.

“we think that we must change our strategies, all the senators are complaining about bad roads. we think generally that the system we are operating has a problem

“we need to look at our budgeting style again and also look at other countries that are doing it well. leadership in all strata should wake up and look at things aright”. he said.

Ibezim therefore suggested that If the budgeting pattern of the Country is not working, there is every need for the Federal Government to change the system and put it in place to improve the economy.