Recession: Nigeria is broke, can’t afford 2021 budget – Atiku

Former Vice President, Atiku Abubakar has suggested the chief that the 2021 proposed funds is now not tenable.

He acknowledged that Nigeria is broke and can’t afford the luxurious objects within the N13.08 trillion funds proposal.

The recommendation is coming as Nigeria slided right into a second recession in 5 years following 2 successive destructive quarters development.

Atiku in a Twitter thread on Sunday acknowledged that COVID-19 solely sophisticated an present financial downside.

“We can not afford hand wringing and navel-gazing. We should act now, by taking mandatory, and maybe painful actions.

“For a begin, the proposed 2021 funds introduced to the Nationwide Meeting on Tuesday, October 8, 2020, is now not tenable.

“Nigeria neither has the sources nor the necessity to implement such a luxurious heavy funds. The nation is broke, however not damaged. Nonetheless, if we proceed to spend lavishly, even when we don’t earn commensurately, we might go from being a broke nation to being a damaged nation.

“Till our financial prospects enhance, Nigeria must solely deal with making budgetary proposals for important objects, which embrace affordable wages and salaries, infrastructural initiatives, and social companies (citizenry’s well being, and different human growth investments).”

The assorted committees of the Nationwide Meeting are nonetheless engaged on the funds.