Buhari’s Budget Is Carbon Copy Of Jonathan’s – Soludo.

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Former Governor of the Central Bank of Nigeria (CBN), Prof. Charles Soludo, has stated that the 2016 budget presented by President Muhammadu Buhari failed to make a departure from the budgets of the past administration, noting that it was almost identical to the one presented by former President Goodluck Jonathan.

According to Soludo, the present budget was a carbon copy of the one by Jonathan’s government, adding, “Defeating old bad ideas could be better that initiating new ones.”

He said this while speaking at the 13th Daily Trust Dialogue in Abuja yesterday.

Soludo expressed concern over where the nation would be by 2050, saying Nigeria had underperformed despite earning over one trillion dollars from oil over the years.

He regretted that the money earned from oil has only kept the looting elite united and organised while the nation is now the fifth among states classified as failed states.

He said the Nigeria constitution was designed for sharing and consumption regarding the nations oil wealth and not necessarily for the development of the country’s dysfunctional system.

He regretted that the nation has been taking ten steps forward and eleven steps backward and urged the leaders to rise to the challenge posed by the fact that the period of oil boom is over.

Soludo said Nigeria has the potential to rise, but depended largely on the choices made by the leadership, arguing that he expected the 2016 budget to be more innovative to defeat our old bad ideas.

He said the budget had a historic 37 per cent deficit to make recurrent expenditure higher than total revenue, pointing out that it is not the way to go for a government with “change as its mantra”.

“The present budget is more of the same to the previous ones. Mr. Vice President (Prof. Yemi Osinbajo), if you scale your budget on the scale of GDP, it is almost the same with the previous government.

“It has a historic 37 per cent deficit as we never had it before. The truth is that you are borrowing 37 per cent with only 30 per cent allocated to capital projects.

“To craft the new agenda, we must defeat the old agenda. We cannot make progress in the country with the tools and agenda of the old,” Soludo said, adding that the APC-led government was over-following the fall in the price of crude oil globally.

He said the present administration needed to evolve a coherent economic plan and agenda as well as the right political architecture, stressing that anything less than this would mean that the leaders are building on a quicksand.
FROM TRENT.

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