A budget is a type of system in which the government submits a special document that contains expected tax revenues (inheritance tax, income tax, company tax, import tax) and expenditure recommendations (Health, Education, Security) Roads, State Benefits.) For the coming year.
(President Buhari presenting a budget. Photo credit: Facebook.)
In the Nigerian budget system, it is the president himself to submits the budget document to the National Assembly for the approval of the legislators to continue with the development projects. So, last week, Nigerian President Muhammadu Buhari appeared before parliament where he presented the 2022 budget of N16.39 trillion, but there's a deficit of N6.26 trillion. So, finance minister, Zainab Ahmed says more loans will be needed to cover the budget deficit.
So far, President Buhari's budget proposal has been the subject of much controversy. Many see this as an improvement given the number of quality projects the government is facing. Others see it as a waste of money and because of the huge amount of debt on the country.
Moreover, some people are alleging that the amount of the budget will not affect society as much as they did during the previous administration of the People Democratic Party, PDP. As a result, many of them have published how the country's budget has been in place from 1999 to 2020.
As can be seen in the picture, during the PDP rule, it managed to budget N41.22trn over a 16-year period as a result of which the All Progressives Congress (APC) budgeted N40.17trn in 6 years only.
I surely know that this interval between years will surprise you, but you should consider the current situation before making a decision.
As is well known, the budget of Nigeria is based on the value of the dollar considering all the projects that are being deployed in the country are using the dollar. So, if you remember, at the end of the PDP regime, the price of one dollar in Nigeria was N198.79 compared to the current N410.55 in the APC regime. As a result, if you compare the 2015 budget with this year, you will find that the 2015 budget is 3.5 times higher than the 2021 budget.
Furthermore, we should further consider the number of projects being implemented by the APC government during this period. Of course, wherever there is productivity, there must be price differences. The main reason for this is that if we recall, a few days ago, one of the officials of the APC government said that the government exceeded all previous administrations in carrying out more projects.
Many people have denied the allegations made by a government official, but in my opinion, his claim seems to become true, because when we look at the services that Buhari is running, it comes from his budget. Services include;
Railways; 156km Lagos-Ibadan Standard Gauge Rail, Kano-Maradi Standard Gauge Rail, and revamp of Port-Harcourt-Maiduguri Narrow Gauge Rail.
Roads; Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kaduna-Zaria-Kano Expressway.
Ports; New Terminals for International Airports in Lagos, Abuja, Kano and Port Harcourt.
All of these services are just a few of the services provided by Buhari. Therefore, we should not dwell too long on the 2022 budget.
What is the impact of the APC regime budget on you? You can share your review with us in the comment section below and don't forget to share this article, like, and follow me up for more interesting updates at all times.
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