– The DG of the Budget Office, Ben Akabueze, has commented on the insufficiency of Nigeria’s budgetary allocations
– Akabueze also said the country has to grow its revenue base to increase its GDP and cater to the citizen’s needs
– The senior government official, however, noted that it is difficult for the nation to improve its revenue at the moment as the economy is currently in a recession
Ben Akabueze, the director-general of the Budget Office, has said the budgets of the federal and state governments are insufficient to address Nigerians’ expectations.
Featuring as a guest on Channels TV on Tuesday, January 5, Akabueze advised the Nigerian government at all levels to adequately address the needs of the people.
The budget expert also stressed the need for more revenue generation so as to improve the nation’s Gross Domestic Product (GDP).
“Our tax with GDP ratio is about the lowest in the whole world, not even talking about Africa.
“So, our budgets, not just of the federal, but of the sub-national governments are way too small to be able to address our needs in the way that people expect.”
Akabueze lamented that Nigeria is now in its second recession within five years, saying it is difficult to grow revenues during the period the economy is facing challenges.
Nevertheless, he clarified that Nigeria’s national budget does not equate to the federal government’s budget alone as perceived by most people.
Earlier, Legit.ng reported that President Buhari warned ministries, departments and agencies of government saddled with the task of generating revenue generation to work hard to meet their targets or be sanctioned.
The special assistant to the president on social media, Lauretta Onochie, said Buhari issued the warning on Thursday, December 31, after signing the ₦13.588 trillion 2021 Appropriation Bill and the 2020 Finance Bill into law.
Onochie added that President Buhari expressed delight that despite disruptions occasioned by the COVID-19 pandemic, the 2020 budget implementation passed previous thresholds.
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