The N7 trillion 2017 proposed budget with 30.7 percent capital expenditure and 60.3 percent recurrent expenditure that was presented to joint national assembly on 14th of December 2016 by President Muhammadu Buhari has be faulted by an "Advocate for a Better Nigeria", Chief Dr. Amb. Gabriel C. E. Oyibode. - the founder and president of Gabriel Oyibode Foundation, saying "the proposed 7trillion budget for 2017, cannot take Nigeria out of recession"
In a statement, Amb. Oyibode said the national assembly should take cognizance of the harsh economy situation in the country. Both the executive and the legislature have to put heads together for a sustainable decisions that will boost Nigeria Economy through job creations from capital projects and investments.
He stated that the proposed 2017 budget with the amount allocated to capital expenditure is not enough to take us out of recession. "In a country like Nigeria where we have over 150 million population as estimated, if you are investing 30.7 percent and allocating 60.3 percent for recurrent expenditures, we are doomed! Take for instance as a business man, out of your hundred naira which is your capital, you consume 60.3 percent, how will yoy manage such business to grow? Amb. Oyibode asked sarcastically.
He urged the federal government and the National Assembly to see capital intensive projects as our priority that Nigeria at this time need to invest more than what we consume or make the allocations at equilibrium.
He went further to say that if the government wants to bring Nigeria out of this recession, the government has to concentrate more on investment, create enabling environment for foreign investors, encourage local investors, with this more jobs will be created.
Amb. Oyibode said we are having transportation problems in this country; There are no good roads, airports facility in bad condition and if we fail to look into these critical issues when Nigeria lacks maintainer's culture, and focus on cost of running government, in the next few years, the horrible and dilapidated situation of means transportation in Nigeria will be too alarming.
Chief Dr. Amb. Gabriel C. E. Oyibode - the founder/president of Gabriel Oyibode Foundation
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