APC Reviews FG’s 2012-2014 Budget [Download A Copy]
The All Progressive Congress APC, has reviewed the Federal Government budget proposal currently before the National Assembly awaiting passage into law.
The Party said the review of the 2014 budget proposals is being undertaken to draw attention to the core issues that should concern not only our legislators in the National Assembly but the Nigerian public.
In the review, the party said “the budget philosophy is clear with the plethora of slogans and acronyms that are consistent with the stance of the typical right-wing, liberal market fundamentalism that the current administration believes in”.
The Party also took jab at the much flaunted achievement of the Goodluck Jonathan Administration calling it a “noisy celebration of non-existent achievements”.
The review noted that the highlights of the minister’s briefing during the Budget presentation included the now over-hyped GDP growth rate of 6.5% and the questionable claim of 1.6 million jobs none of which can be convincingly substantiated. No one can see these jobs, and none of them amount to NEW employment opportunities – there are some mythical 250,000 jobs in agriculture in 10 northern states that are not identified; 30,000 in Onne Free Port and some dodgy claims about resultant jobs from SURE-P spending which mostly targeted funding equipment-intensive civil works contract awarded between 2006 and 2008!
The APC also said that government is growing larger in size while the quantity and quality of public services continue to deteriorate.
On The 2014 Budget Proposal
The budget proposal claims to be a continuation of the broad economic direction embedded in the 2012 and 2013 budgets, which aimed to diversify the Nigerian economy and build a shared future for all. Whether the past budgets of 2012 and 2013, or the budget currently proposed are consistent with these claims will be clearer and evident from the review in the ensuing paragraphs.
First, the APC believes Nigeria must cure itself of its petroleum-dependency through government-directed investments in agriculture, non-oil minerals, manufacturing, housing and construction, information technology, entertainment and sports. These are sectors with high growth potential coupled with the capacity to create millions of well-paying jobs for our youths.
Secondly, the APC believes that government policy and public investment should be focused on making life easier for going concerns, start-ups and other entrepreneurs to establish and grow their businesses. Arising from these, public investment in improving security, law enforcement and contract compliance, infrastructure particularly electricity and transportation, and access to low-interest loans should command the attention of the federal budget.
The budget statements of 2012, 2013 and 2014 all made stupendous claims along these lines but have not done much of that when it comes to effective funding. This is partly responsible for Nigeria’s deteriorating rankings on indices of global competitiveness of the World Economic Forum and World Bank’s Ease of Doing Business (EDB) rankings since 2010. Poor infrastructure has generally been the greatest impediment to competitiveness of the Nigerian economy according to successiveEDB annual reports.
The 2014 budget envisages a total expenditure of N4.62 trillion, a 7% drop from the 2013 figure of N4.987 trillion. This is made up of N400bn (2013: N388bn) for statutory transfers, N737bn (2013: N592bn) for debt service, N2.385 trillion (2013: N2.419 trillion) for recurrent non-debt expenditure, and N1.245 trillion (2013: N1.589 trillion) for capital projects. We have adjusted the debt service figure to include N25bn in the recurrent budget for the redemption of maturing domestic bonds.
Do not hesitate to leave your opinion in the comment section below.
To contact Abusidiqu.com for Article Submission and Advertisement or General inquiry, send a mail to email@example.com