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2022 Budget of High Sounding Figures but Hollow & Bogus in Substance says CUPP

2022 Budget of High Sounding Figures but Hollow & Bogus in Substance says CUPP

- NASS in a Hurry to Pass Bill Without Critical Analysis

- Nigerians Called Upon to Endure Another Year of Suffering

By: Frank Ajufo

The Coalition of United Political Parties (CUPP), has described the 2022 budget presented by President Muhammadu Buhari to the joint session of the National Assembly as a budget of high sounding figures that is hollow and bogus in substance.

This was contained in a statement signed by the spokesperson of CUPP, Barr Ikenga Ugochinyere where it was stated that the coalition of opposition parties has monitored the budget presentation speech of President Muhammadu Buhari and was shocked that the President did not take any steps to include in the budget any items that could enable him leave office with some element of pride.

According to the statement, the only highlight of the budget is that the government has tactlessly admitted that it is overwhelmed by its failures and has no solution at hand.

"The only thing the budget is clothed with is new loans and borrowings and nothing more. It does not inspired any hope in Nigerians rather it sinks the country further into economic woes.

"Recurrent expenditures and capital expenses like purchase of cars, computers and accessories, and other unnecessary and white elephant projects are all the budget contains because the ruling party will use the budget to fund their 2023 election campaigns."

It was further observed that the N16.39 Trillion budget contains Debt service of N3.61 Trillion, non-debt recurrent costs of N6.83 Trillion while there is only capital expenditure of N5.35 Trillion.

Furthermore, the statement highlighted that the new borrowings in the budget is totaling N5.01 Trillion with an extra N1.16 Trillion drawdowns on loans secured for specific projects.

The President's speech during the submission was called uninspiring, as it cannot add any productive value to the economy.

"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 N33 Trillion, 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 ever be completed?"

The CUPP also took a swipe at the legislators for always being in haste to approve loan requests and budgets presented by Mr. President without critical analysis.

"Finally, President was severally 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."