Senator Solomon Adeola representing Lagos West Senatorial District has commended the Federal Government for presenting a budget that break away from the past as well as addressed issues of development in view of the dire economic straits that Nigeria found itself with dwindling oil prices and fall in the value of naira.
Contributing to the second reading of the 2016 Appropriation Bill at plenary dwelling on the general principles of the economic document, Senator Adeola said in previous years under former administrations, the benchmark of crude oil at between $120 -40 per barrel usually gets us a budget whose size is less than N5 trillion but with the low bench mark of $38 per barrel under an APC led government, the budget is over N6 trillion stressing that the indications is that the budget is not to be majorly funded from crude oil sales but other sources.
“The Budget of Change is not only futuristic but inclusive as it spelt out all the economic indices require to realize its set objectives. At $38 per barrel the expected funding of crude oil for the budget is about N820billion meaning that other internal sources will take a huge share of the funding. This is a welcome diversification moves that we have been yearning for” he stated.
He said with income from oil not forming a major factor in our projected revenue, Nigerians must be ready to tighten their belts in the months ahead while the government should prevent wastages and leakages that afflict the system.
Senator Adeola specifically commended the inclusion of N300billion social intervention fund with N16billion for small scale enterprises and farmers in the budget stressing however that the government must ensure it does not go the way of SURE-P that went to private pockets while relevant Committee of the Senate must adequately oversight the social intervention fund.
The Senator said with the policies of Treasury Single Account, TSA, export expansion, import substitution and appointment of vibrant heads for Federal Inland Revenue Service, FIRS and Custom Service, there is every expectation that revenue from sources other than crude oil will appreciate significantly adding however that the nation should borrow to fund any gap in funding in the budget.