According to a news report in ThisDay Newspaper of Thursday 5th February 2015, the Federal Government has (Here is the link – http://www.thisdaylive.com/articles/again-fg-cuts-2015-capital-spending-as-oil-price-slump-bites/201045/) ” … more than halved capital expenditure to less than 10 per cent of the 2015 Appropriation Bill, axing badly needed infrastructure investment due to the collapse in the price of oil, the country’s main source of revenue, according to the full budget submitted to parliament.”
ONLY 8.9% (N389bn) of budget for capital expenditure? How will President Jonathan fund his transformation agenda with such a tiny allocation? By borrowing more? We be damned.
Did you know the budget has almost a N1trn for debt servicing (almost 3 times capital expenditure). How did we ply on foreign debts despite OBJ paying almost all off especially during an oil boom?
How can this government seek another 4 years from us when it refuses to make sacrifices to enable the much needed infrastructural development? How can they seek anotheer 4 years after wasting our commonwealth in an oil boom of 4 years? Now money has finished, they punish us and not themselves.
Before APC supporters celebrate, we must challenge Buhari and his team to tell us how they intend to run the country with significantly less revenue. So far, we’ve not heard this.
Both parties are making too many promises but the reality on the ground is suggesting, we will be deep into this austerity by June. We struggled to pay salaries when oil per barrel was over $70, what hope now it is under $50 and reduced oil production per day during to vandalism?
This austerity season could provide our best chance to shift from rent mentality to a mindset needed for true and lasting development. Are we and our politicians ready? DON’T THINK SO.
We must pray and you and I must commit to work sacrificially for our nation because the next 3 years will decide if we’ve broken this vicious circle.
ARISE AND BUILD YOUR NATION