“Buhari’s 2020 Budget Is A Budget Of Bankruptcy” – Economist
Respected economist and public affairs commentator, Mr Odilim Enwegbara has described the 2020 Appropriation Bill as “a budget of bankruptcy”.
Reacting to the Bill presented by President Buhari to a joint session of the National Assembly on Tuesday, Enwegbara wondered if Nigeria had not “come to the point of agreeing that this business of federal government running Nigeria’s economy should be finally brought to an end?
“For how long do we have to have such a prodigious federal government, a government that can’t stop its borrowing spree?
“For how long should we allow this government to continue to borrow its oversized consumption, where less than two million government workers have directly and indirectly be responsible for 90% of the country’s annual spending?
“For how long should the federal government has to decide where and why road or water etc. should be constructed in Nigeria?”
According to him, debt service to revenue ratio is currently approaching 80% with domestic debt approaching 70% of the country’s overall debt stock. Is Nigeria heading for bankruptcy?