The Senator representing Benue South, Sen. Moro Patrick Abba has declared the 2023 Budget is unrealistic due to issues in National economy, complete sense of insecurity and very high rate of poverty.
Moro made this declaration while speaking to some journalists concerning the just presented budget by the President of the Country on Thursday 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.
Moro explained that there is no how the President will propose a budget of N20.51trillion in 2023, when we had a budget of 17 trillion in 2022 and the very vital components has not been financed and no work has taken place in those very critical area.
“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 is not realistic”. he said.
Moro therefore suggested that incremental system should be put in place in the country to improve the economy.
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