I STILL CAN'T UNDERSTAND THIS "BUHARINOMICS"............... FAYOSE SAYS
Use Recovered Loots, TSA To Fund Budget Deficit; Don’t Borrow………………
Fayose Tells
Peter Ayodele Fayose, the Executive Governor of Ekiti state is
once again on the news. The very outspoken governor has once again; put the
presidency on its toes by advising President, Muhammadu Buhari to use funds and
all
recovered loots from corrupt politicians and money saved from the Treasury Single Account (TSA), to finance the N1.84 trillion deficits in the 2016 budget.
recovered loots from corrupt politicians and money saved from the Treasury Single Account (TSA), to finance the N1.84 trillion deficits in the 2016 budget.
The Ekiti state Governor gave the advice in a statement issued by
his Special Assistant on Public Communications and New Media, Lere Olayinka.
In the statement, describing as unnecessary, the reported plan of
the federal government to borrow $2 billion from China to finance the deficit
in the budget, Fayose said the move was an attempt to mortgage the future of
Nigeria and its people and put the country into unnecessary debt.
Reiterating that the 2016 budget was not a reflection of the
present economic reality in the
country, Peter Fayose lamented that the proposed loan if obtained would further aggravate the suffering of the masses in 2017 when the Federal Government will be servicing its debt with about 50 percent of its budget.
country, Peter Fayose lamented that the proposed loan if obtained would further aggravate the suffering of the masses in 2017 when the Federal Government will be servicing its debt with about 50 percent of its budget.
“In elementary economics, you don’t propose to spend more when
your
income reduces, and I still can’t understand this “Buharinomics” in which Nigeria is going to spend N6.06 billion with crude oil bench mark of $38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil bench mark was $53 per barrel", the Governor stated.
income reduces, and I still can’t understand this “Buharinomics” in which Nigeria is going to spend N6.06 billion with crude oil bench mark of $38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil bench mark was $53 per barrel", the Governor stated.
According to him, “with the proposed N1.84 trillion borrowing, $2
billion of which Buhari is
already going to borrow in China, the nation may soon be going the way of Greece because Nigeria will be borrowing N5billion per day for the next 365 days”.
“If
your income was N200, 000 per month last year and your expenditure was N195,
000 peralready going to borrow in China, the nation may soon be going the way of Greece because Nigeria will be borrowing N5billion per day for the next 365 days”.
month; does it make any economic sense for you to propose to spend N300, 000 per month this year that your income has reduced to N120, 000? Fayose queried.
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