Abubakar said the 2019 budget presented by Buhari was “fundamentally flawed,” adding that the budget was built on a “shaky foundation.”
In a statement he signed and issued on Sunday, the Waziri of Adamawa stated that it will be a disservice to the nation if the “fundamental flaws” are ignored.
Buhari had last week presented a budget proposal of N8.83 trillion for 2019 to a joint session of the National Assembly on December 19, 2018.
The statement entitled ‘My Takeaways from Budget 2019’ reads: “The proposed budget as presented is fundamentally flawed.
“It deliberately ignores and fails to address current realities and pretends, as Mr President asserts, ‘we are on the right direction.
“On the contrary, the 2019 budget is built on a very shaky foundation and makes very generous, often wild and untenable assumptions which pose significant risks to its implementation.”
“I see the rhetoric of ‘inclusive, diversified and sustainable growth’ as no more than an amplification of the All Progressives Congress (APC)-led government’s renewed propaganda to hoodwink the citizens into believing that there is ‘light at the end of the tunnel.”
Abubakar stated that the economy has yet to recover from the 2016/2017 recession as it remains “severely stressed, extremely fragile and vulnerable to external shocks.”
The former Vice President stated that the nation’s Gross Domestic Product (GDP) growth declined from 2.11 per cent in 2017 to 1.9 per cent in Q1, and to 1.5 per cent in Q2 of 2018.
He, however, noted an increase of 0.3 per cent to 1.8 per cent in Q3 of 2018.
“In reality, Mr. President should expect no less. It is a fact that under his watch and resulting from his actions or inactions, investor confidence in the economy has waned like never before in Nigeria’s history.
“Nigeria remains an uncompetitive economy as demonstrated by the recent World Economic Forum (WEF), Global Competitiveness Index which positions Nigeria as 115th of 140 Countries.
“The Report shows that Nigeria has moved three places down, contrary to Mr President’s claim that ‘we are moving in the right direction’. Nigeria remains one of the most difficult places to do business as evidenced by the massive outflows of capital in recent times,” he said.
On the way forward, Abubakar said there should be an alternative to the government’s budget proposal.
He stressed that Nigeria needed a government which understands how to run the economy in order to get it working again.
“For the avoidance of doubt, an Atiku Presidency, come 2019, will present to Nigerians a people’s budget that will prioritise and focus on the twin challenges of unemployment and poverty.
“Nigeria’s high rates of unemployment, poverty and inequality represent both a significant distortion in the economic system and a lost opportunity for critical national development and could potentially threaten social stability,” he added. SHARE THIS STORY USING ANY OF THE BUTTON BELOW ⬇ PLACE YOUR TEXT ADVERT BELOW ⬇⬇⬇