Nigeria

CUPP: Nigeria’s 2022 budget all about debts, loans and how to borrow more

President Muhammadu Buhari presents 2022 Draft Appropriation Bill to the National Assembly, calls it Budget of Economic Growth and Sustainability.

The Coalition of United Political Parties (CUPP) has slammed President Muhammadu Buhari for presenting a budget that is filled with nothing but loans and how to borrow more.

It said apart from loans and borrowing, there was nothing in the president’s address during the 2022 budget presentation at the National Assembly on Thursday.

In a statement on Thursday, Ikenga Imo Ugochinyere, the publicity secretary, said the opposition had scrutinized the Appropriation bill.

The spokesman noted that though the budget would be Buhari’s last full-year budget, the President failed to take steps to include items that could make him “leave office with some element of pride”.

Ugochinyere alleged that 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.

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

“A N16.39 trillion budget contains Debt service of N3.61 trillion, non-debt recurrent costs of N6.83 trillion while there is only a capital expenditure of N5.35 trillion.

“New borrowing in the budget is totalling N5.01 trillion with an extra N1.16trillion drawdowns on loans secured for specific projects. This is the highlight of the uninspiring speech of the President as it cannot add any productive value to the economy.”

The CUPP alleged that the Buhari administration has been funding the same set of projects without completing them.

“After borrowing over N33trillion, 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?”

Ugochinyere observed that Buhari severally thanked the lawmakers for speedy approvals, but there was no appreciation for critical analysis by the federal legislature.

“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”, the statement added.

On Wednesday, the CUPP urged the National Assembly to impeach President Muhammadu Buhari, Senate President Ahmad Lawan and House of Representatives Speaker, Femi Gbajabiamila.

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