Professor Charles Soludo, the former Governor of Central Bank of Nigeria, CBN, while speaking at the 13th Daily Trust Dialogue in Abuja on Thursday, has revealed that the 2016 budget presented by President Muhammadu Buhari, did not make any departure from the budget of his predecessor, Dr. Goodluck Jonathan, noting that the present budget was not much different from that of the immediate past government.
According to Soludo, the present budget was an exact imitation of the one by Jonathan’s administration adding that, “defeating old bad ideas could be better than introducing new ones”
In his statement, according to This Day Live, Prof. Soludo, emphasised that,
“the budget had a historic 37 per cent deficit to make recurrent expenditure higher than total revenue, pointing out that it is not the way to go for a government with ‘change’ as its mantra.
“The present budget is more of the same to the previous ones. Mr. Vice President (Prof. Yemi Osinbajo), if you scale your budget on the scale of GDP, it is almost the same with the previous government.
“It has a historic 37 per cent deficit as we never had it before. The truth is that you are borrowing 37 per cent with only 30 per cent allocated to capital projects.
Again, concerning the 2016 budget Mr. Charles said, “To craft the new agenda, we must defeat the old agenda. We cannot make progress in the country with the tools and agenda of the old.”
The Professor further expressed concern over where the nation would be by 2050, stating that Nigeria had under-performed in spite of it over one trillion dollars earning from oil over the years. He noted that Nigeria has not been making progress and encouraged the leaders to wake up to the challenge presented by the fall in the price of oil.
Prof. Charles Soludo is a sound Nigerian Economist and a respected citizen of the country. This makes it very unsettling when an information of this nature comes from him.