The Senate Minority Leader, Eyinnaya Abaribe, has described the 2020 budget President Muhammadu Buhari presented to the National Assembly as “a budget of taxation.”
Speaking during plenary on the floor of the Senate, Abaribe, who represents Abia South, insisted that the budget was not sustainable.
He argued that the budget was not sustainable because debt servicing was higher than capital expenditure.
According to Abaribe, lawmakers should look into the budget, stressing that the nation was still struggling.
He said: “This is nothing but a budget of taxation. I urge the Senate to look at that fact as it is not a sustainable budget. Debt servicing is higher than capital expenditure.
“We are still struggling. I second the budget presentation by the Senate Leader.”
Reacting to Abaribe’s comment a former Governor of Benue State and Senator representing Benue North-East Senatorial, Gabriel Suswam said the lawmakers needed to address the nation’s borrowing methodologies.
“I commend Mr. President for bringing an ambitious budget; the deficit worries me, there is a correspondence borrowing increase; we need to do something in this Chamber by way of legislation to address borrowing,” Suswam said.
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