The 2016 Federal Budget has its many flaws which has been reported widely on social media, blogs and in the press. However, the people whose analysis matter the most are the members of the National Assembly. After the hullabaloo of the budget getting missing, changed and replaced Legislators are now debating the budget in both chambers. As expected budgets can be divisive with opposing parties hammering their support or opposition to the budget with harsh rhetoric. The PDP has already called the budget a “big fraud”.
But of all the talk out there one that caught our attention were the words of an APC supporter and Majority Leader of the House of Reps Femi Gbajabiamila. He in his full glory pronounced the budget as the best ever in Nigeria’s history. His words
“I mentioned earlier that this budget is historic because it has a social intervention component. This is because this is the first time that 30 per cent of our budget will be dedicated to capital expenditure in recent history.
“2016 budget is the first all-inclusive budget that seeks to carry all Nigerians along; the rich, the not-so-poor, the not-so-rich and others. It is my hope and that of the House of Representatives that the 2017 capital expenditure will be increased to 40 per cent.
“The 2016 budget is epic not just because of its mega size of N6tn but for the reason that it touches on the wellbeing of the people.”
Mr Gbajabiamila forgot to mention that the budget was perhaps the highest in terms of budget deficit and will require Nigeria to borrow about N2.2 trillion in debts just to fund it. He also forgot to mention that the budget still includes of pork related expenses that do contribute significantly to nation building. The budget also misses out on a lot of projects such as the 2nd Niger Bridge. Even the President has acknowledged the flaw in the budget having sent in a revised one.
