The 2021 appropriation bill has been described as “unrealistic” by Enyinnaya Abaribe, minority leader of the Senate and other senior lawmakers from the opposition.
Speaking during a plenary on Tuesday, October 13, the lawmaker stated that the N13 trillion budget presented by President Muhammadu Buhari lacks conviction with regards to the present state of the economy.
Abaribe, who also described the budget as “nothing but old news”, said the expectation in which the bill was based on is unreliable because “we are not also so sure what the oil situation is going to be.”
Understands that the budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day at $40 per barrel.
Further checks showed that N2.083 trillion which represents 29% of the total budget is earmarked for the capital expenditure.
Abaribe, who is representing Abia South senatorial district, was backed by the senator representing Rivers northeast George Sekibo, who wondered why the capital project could be lower than the deficit.
Senator Abaribe said: “If the budget is based on assumption, I agree but why are not assuming properly. I want to go ahead and say it does not reflect the understanding of the fundamental challenges of today.
“This budget is nothing but old news. Every time the same old news, nothing new.”