Why President Buhari’s 2020 budget can’t work, says Omokri

A former aide to ex-President Goodluck Jonathan, Reno Omokri has reacted to the N10.33 trillion 2020 budget proposals presented by President Muhammadu Buhari to the joint session of the National Assembly on Tuesday.

In a series of tweets on Wednesday, Omokri described as lifeless, the 2020 budget, noting that Buhari had spent more on debt servicing than capital expenditure, describing the president as a ‘locust’ that ‘consumes without producing”.

Omokri said that the “saddest” thing about the budget was that Buhari, “who has more than doubled Nigeria’s debt from N11 trillion in 2015, to N24 trillion today, is depending on more debt for his budget.”

“To show how much General @MBuhari has spent your future away, consider that in his budget, debt servicing takes N2.45trn, which is more than capital expenditure of N2.14trn. Mind you, debt servicing is paying interest on the debt, not repaying the debt.

“General @MBuhari is spending more on debt servicing (paying interest on debt) than capital expenditure because he more than doubled Nigeria’s debt from N11 trillion in 2015, to N24 trillion today. Buhari is a locust. He consumes without producing.

“General @MBuhari’s 2020 budget adopted an exchange rate of N305 to $1. Manufacturers, ordinary Nigerians and smaller and medium scale enterprises don’t get it at that rate. Buhari rather gives it to pilgrims to Mecca and his cronies, like Nasir Danu.

“Nigeria can never grow with General @MBuhari’s 2020 lifeless budget. How can you devote ONE quarter (1/4) of your budget for debt servicing, half (1/2) for paying salaries, with only one fifth (1/5) for capital expenditure? You are eating your future.

“To show how selfish General @MBuhari is, Health has a paltry N46bn, because he and his family go to London for their health needs. That is why he budgeted multiple billions for the Presidential Jet, so his children can fly, while you die! God forbid!

“As is typical of the affidavit wielding General @MBuhari, Education is not a priority, with Works and Housing, Transportation, and other sectors getting bigger allocation. Remember that under @GEJonathan, education got the highest sectoral allocation!

“The saddest thing about this budget is that General @MBuhari, who has more than doubled Nigeria’s debt from N11 trillion in 2015, to N24 trillion today, is depending on more debt for his budget. For every N1 Buhari spends, He is borrowing almost N3.

“General @MBuhari publicly insulted ex-President Obasanjo when he wrote a letter warning him. But Obasanjo has the moral authority to warn. Obasanjo paid off Nigeria’s entire debt, but Buhari has more than doubled it N11 trillion, to N24 trillion.

“General @MBuhari’s budget, as usual, contains very optimistic revenue targets. But he did not meet his target in 2916, 2017, 2018 and 2019, so who is he fooling? The only target Buhari has met since he took office is the target to impoverish Nigerians.

“Under General @MBuhari, Nigeria obviously doesn’t make enough to properly fund our budgets. Yet, Buhari bought a N200 million @MercedesBenz Maybach for himself while the @NGRSenate budgeted N5.5 billion for SUVs. Obviously, the problem is our leaders!”

Omokri had, also recently, faulted claims Buhari made in his October 1, Independence Day national broadcast, describing them as lies.