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2021 budget proposal contravenes Fiscal Responsibility Act –Atiku

Former Vice-President Atiku Abubakar yesterday said the 2021 budget proposal presented before the National Assembly by President Muhammadu Buhari on Thursday contravened the 2007 Fiscal Responsibility Act. Atiku in a statement noted that part II, section 12(1) of the Act states that aggregate expenditure and the aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit. He also added that the Act says the expenditure shall not exceed three per cent of the estimated gross domestic product (GDP).

Atiku noted that the budget deficit in the proposal is N5.21 trillion, which he said amount to over 3.5 per cent of Nigeria’s 2019 GDP. According to him, Nigeria had a GDP of approximately $447 billion in 2019.

He said: “This is contrary to the Fiscal Responsibility Act of 2007. Three per cent of this amount is $13. 3 billion, which at the current official exchange rate of N379 to $1, gives you a figure of N5.07 trillion.”

“So clearly, the budget deficit of N5.21 trillion, as announced by President Buhari, is above three per cent of our GDP and is therefore in contravention of the Fiscal Responsibility Act of 2007.

 

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