Author Topic: ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER  (Read 400 times)

Offline cooljoe

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ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER
« on: January 03, 2011, 10:05:09 PM »
Atiku writes Jonathan, says 2011 budget a disaster
Monday, 03 January 2011 07:18 Fidelis Mac-Leva


Former Vice President and presidential aspirant of the Peoples Democratic Party (PDP), Atiku Abubakar has written to President Goodluck Jonathan warning that the recently unveiled Budget 2011 by the President could only worsen the state of the nation?s economy.

In an 11-page letter he personally sent to President Jonathan, the former Vice President said that a budget that is predicated on consumption without corresponding investments in critical infrastructure ?is a recipe for economic disaster.?

?At a time of unprecedented oil boom, you have presented Nigeria with a budget of consumption for consumption; a budget of debt accumulation to imperil the future; a budget that is rich in rhetoric and pedestrian initiatives but lacking in any bold step to lay the foundation for Nigeria?s next 50 years or even 20 years,? Atiku said.

The PDP presidential aspirant warned that excessive borrowings that has marked the Jonathan administration as indicated in Budget 2011is in negation of the Fiscal Responsibility Act, has the potentials of returning Nigeria to a regime of debt overhang and making nonsense of all the gains of the negotiated cancellation of the nation?s debts.

?Mr. President, you plan to borrow 33% of the entire budget, or 3.62% of GDP which is higher than the 3% stipulated in the Fiscal Responsibility Act. Your total debt service is N542 billion (which is higher than your total capital spending on power, roads, health and education put together). Your total recurrent expenditure (including debt service) is N3.023 trillion, meaning that with a revenue of N2.83 trillion, your government plans to borrow money to finance recurrent expenditure even if capital budget is zero.

?Your recurrent budget is 107% of total revenue. Put differently, your capital budget is N1 trillion whereas your deficit or planned borrowing is N1.4 trillion, meaning that even with a zero capital budget you plan to borrow about N400 billion to add to revenue to finance consumption. Mr. President, no one needs to be an economist to appreciate that this is a disaster,? Atiku wrote.

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ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER
« on: January 03, 2011, 10:05:09 PM »

Offline cooljoe

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Re: ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER
« Reply #1 on: January 03, 2011, 10:05:39 PM »
Pray Nigerians can reason on such a mathematically rational scale...

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Re: ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER
« Reply #1 on: January 03, 2011, 10:05:39 PM »

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Offline u2much

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Re: ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER
« Reply #2 on: January 04, 2011, 12:28:21 PM »
ATIKU IS STILL TRYING TO ATTACK JONATHAN POLITICALLY. THIS IS A PURE POLITICAL  VERBAL ATTACK 4ROM ATIKU. LET ATIKU MIND HIS BUSINESS OF CAMPAIGNING AND QUIT TRYING TO PLAY UNREALISTIC POLITICAL  GAMES.

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Re: ATIKU WRITES JONATHAN, SAYS 2011 BUDGET A DISASTER
« Reply #2 on: January 04, 2011, 12:28:21 PM »


 

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