The Coalition Of United Political Parties (CUPP) has said the 2022 budget estimates presented to the National Assembly by President Muhammadu Buhari on Thursday is dented with new loans and borrowings.
CUPP's spokesperson, Ikenga Imo Ugochinyere, in a statement said the only highlights of the budget were that the government tactlessly admitted that it was overwhelmed.
According to the statement, despite being the president’s last full-year budget, yet he did not include in the budget, items that would leave him with a lasting legacy.
The CUPP said, “Recurrent expenditures and capital expenses like purchase of cars, computers, and accessories, and other unnecessary and white elephant projects are all in the budget; the ruling party will use the budget to fund their 2023 election campaigns.
“An N16.39trillion budget contains Debt service of N3.61trillion, non-debt recurrent costs of N6.83trillion while there is the only capital expenditure of N5.35trillion.
“New borrowings in the budget total N5.01trillion with an extra N1.16trillion drawdowns on loans secured for specific projects. This is the highlight of the uninspiring speech of the President as it cannot add any productive value to the economy.
“Furthermore, a close look at the speech will show Nigerians that President Buhari has been perpetually funding the same set of projects without ever completing them.
“After borrowing over N33trillion, President Buhari is still declaring to Nigerians that he is borrowing to fund Lagos-Ibadan Expressway, Abuja-Kano Expressway, East-West Road, 2nd Niger Bridge, etc.
“Nigerians should please ask President Buhari; when will these projects, which have been in the budgets since 2016, be completed?”
CUPP explained that the President was several times thanking the lawmakers for speedy approvals, but Nigerians will notice that there was never any appreciation for critical analysis by the National Assembly.
“They quickly approved the Medium Term Expenditure Framework, they quickly approved the 2021 supplementary budget; they quickly approved loans and all borrowings and also will quickly approve this budget.
“All these were without critical analysis on the impact of their approvals on the people they represent. Nigerians are hereby called upon to bear yet again another year of suffering but have hope that when the opposition takes over, Nigeria will get back on its feet,” the coalition added.
