Ekiti State Governor, Mr Ayodele Fayose has raised the alarm over<\/p>\n
President Mohammadu Buhari\u2019s scheduled trip to China to borrow $2
\nbillion as part of the N1.84 trillion programmed to be borrowed to
\nfinance the 2016 Budget, describing the move as an attempt to mortgage
\nthe future of Nigeria and its people.<\/p>\n
The governor, who said the 2016 budget was not a reflection of the
\npresent economic reality in the country, added that; \u201cBy the time they
\nborrow N1.84 trillion to fund their N6.06 billion budget; I wonder how
\nNigeria will survive in 2017 when the Federal Government will be
\nservicing debt with about 50 percent of its budget.\u201d<\/p>\n
It has been widely reported that Nigeria wants to raise about $5
\nbillion abroad to cover part of its 2016 budget deficit. This was said
\nto be projected to hit N3 trillion ($15 billion) due to heavy
\ninfrastructure spending at a time when the slump in global oil prices
\nhas slashed its export revenues.<\/p>\n
In a release issued on Friday by his Special Assistant on Public
\nCommunications and New Media, Lere Olayinka, Governor Fayose said; \u201cIn
\nelementary economics, you don\u2019t propose to spend more when your income
\nreduces and I still can\u2019t understand this Buharinomics in which
\nNigeria is going to spend N6.06 billion with crude oil bench mark of
\n$38 per barrel when the country budget was N4.5 trillion in 2015 when
\ncrude oil bench mark was $53 per barrel.<\/p>\n
He said since the President claimed to have recovered and still
\nrecovering trillions of Naira looted from the treasury and over N3
\ntrillion saved from the Treasury Single Account (TSA), the 2016 budget
\nshould be funded with the recovered fund.<\/p>\n
The governor said he was alerting Nigerians of the danger in the
\nfederal government plan to fund the 2016 budget with loan, adding
\nthat; \u201cTomorrow, it will be said of me that I did not keep silent when
\nNigeria was being mortgaged to unnecessary debt.<\/p>\n
He warned that with the proposed N1.84 trillion borrowing, $2 billion
\nof which President Buhari is already going to borrow in China, the
\nnation may soon be going the way of Greece because Nigeria will be
\nborrowing N5 billion per day for the next 365 days.<\/p>\n
\u201cIf your income was N200, 000 per month last year and your expenditure
\nwas N195, 000 per month; does it make any economic sense for you to
\npropose to spend N300, 000 per month this year that your income has
\nreduced to N120, 000?<\/p>\n
\u201cOnly President Buhari can explain to Nigerians what manner of
\nEconomic theory encourages borrowing of N1.84 trillion to fund a N6
\ntrillion budget. As for me, it is nothing but a voodoo economic theory
\nand Nigerians must take note that the income that should accrue to
\nthem in five years\u2019 time is about to be spent in one year by the
\nBuhari\u2019s APC government,\u201d the governor said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ekiti State Governor, Mr Ayodele Fayose has raised the alarm over President Mohammadu Buhari\u2019s scheduled trip to China to borrow $2 billion as part of the N1.84 trillion programmed to…<\/p>\n","protected":false},"author":1,"featured_media":46664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-48316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n