Budget 2016: PDP describes proposal as fraud as analysts pore over it

Because President Muhammadu Buhari has decided in his 2016 budget to borrow N2 trillion, the biggest borrowing in the history of Nigeria, the PDP said Tuesday that  the budget is a fraud and executive conspiracy tailored towards mortgaging the future of the nation.

In a statement the opposition issued through its national publicity secretary, Olisa Metuh, the party describes the decision as the “height of recklessness and deceit from a government that trends on propaganda”.

“It is obvious that this budget is an extension of the campaign promises of the APC government, presented as a manifesto filled with bogus promises which implementation will be inconclusive, thereby allowing the APC to once again deny their promises,” Metuh.

According to him, there has never been any known economy in the world whose government deliberately mortgage the future of its nation by borrowing excessively to finance partisan interests while hiding under welfare programmes.

“We have it on good authority that this is the first in the series of APC borrowings which would leave the future generation of Nigerians under the burden of huge debts after four years,” PDP said.

Other issues the party raised along with its objection to the budget proposal include the fuel subsidy removal policy and the continued devaluation of the naira. These, according to Metuh, contradict the APC campaign promises in the run-up to the March 28 election.

“Does it mean that Mr President lied his way to power, or that he did not understand the complexities of governance when he was making his false promises to Nigeria?”

Presenting the budget Monday to the National Assembly, Buhari said it is designed to revive the economy, deliver inclusive growth to Nigerians and create a significant number of jobs.

Many of the local analysts are still biding their time in taking positions on the budget. Although a number of them are worried the benchmark, $38 per barrel, is not realistic as the oil market, according to Goldman Sach, may not rebound so soon.

Others believe there’s no point analyzing the budget because over the years, the government has not proved it is capable of implementing the budget.

Prof. Pat Utomi, for instance, said he consider the budget process as a joke in Nigeria because of lack of implementation. “We somehow do not have the discipline of the budget process,” the political economist said on Channels TV days ago.

‘Does it mean that Mr. President lied his way to power, or that he did not understand the complexities of governance when he was making his false promises to Nigerians?

The Peoples Democratic Party has described the N6.8 trillion 2016 federal budget presented by President Muhammadu Buhari on Tuesday as a big fraud and executive conspiracy tailored towards mortgaging the future of the nation.

The party queried Mr. Buhari’s decision to borrow N2 trillion, the biggest in the history of the nation as the “height of recklessness and deceit from a government that trends on propaganda”.

The PDP in a statement by its National Publicity Secretary, Olisa Metuh, on Tuesday berated the Federal Government for trying to use their “bogus” welfare programme and “phantom” capital projects as cover and conduit to syphon the funds to satisfy partisan interests, particularly to settle huge campaign debts.

“It is obvious that this budget is an extension of the campaign promises of the APC government, presented as a manifesto filled with bogus promises which implementation will be inconclusive, thereby allowing the APC to once again deny their promises.

“there has never been any known economy in the world where government deliberately mortgage the future of its nation by borrowing excessively to finance partisan interests while hiding under bogus welfare programmes. This is moreso important as the APC in reeling out their bogus campaign promises never informed Nigerians that they would mortgage their future through excessive borrowing.

“We have it on good authority that this is the first in the series of APC borrowings which would leave the future generation of Nigerians under the burden of huge debts after four years,” PDP said.

Other issues the party raised in objection to the budget proposal include the fuel subsidy removal policy and the continued devaluation of the naira.

The PDP also said the budget clearly showed that after seven months in power, Mr. Buhari and his party, the All Progressives Congress were yet to differentiate between governance and campaign propaganda.

“By all standards, the 2016 budget, the first major economic policy outing of this government, is completely unrealistic and duplicitously embellished with impractical predications, a development that confirms fears by economy watchers and investors that this administration is obviously ill-equipped for governance.

“We are indeed shocked that President Buhari and his minister of information have come up with two different reasons for the current fuel crisis in the country. While we appreciate the President’s apology, we think it is high time he called this minister to order as his excessive propaganda and blame game are ridiculing this administration and the image of the nation.

“Furthermore, it is instructive to note the official endorsement of Mr. President to the devaluation of the naira as against his campaign promise of firming up the value of our currency even to the much vaunted one naira to one dollar.

‘Does it mean that Mr. President lied his way to power, or that he did not understand the complexities of governance when he was making his false promises to Nigerians?

“In future, there is need to regulate campaign promises so that we will not end up with a government that promises to climb Mount Everest with bare hands and end up mortgaging our future with orchestrated borrowings.

“Finally, we want to request Mr. President to once again to involve experienced and well-tested hands in the management of the economy and budgeting processes. This economy is not for Mr. President, neither is it for the APC. The progress of the economy is for all Nigerians and as such, due care should taken to save ourselves from unrealistic and deceptive programmes,” the party said