Jonathan’s Budget.
2011 – N3.9 Trillion
2012 – N3.5 Trillion
2013 –N4.9 Trillion
2014 – N4.6 Trillion
TOTAL – N16.9 Trillion.
Result:
Progress in all Sectors and money in pockets of ordinary people.
Africa’s biggest economy. 3rd fastest growing economy in the world.
Buhari’s Budget.
2016 – 6.6 Trillion
2017 – 7.8 Trillion.
Total – N14.4 Trillion.
Result:
1) Recession.
2) Acute Hunger in the Land.
3) Massive looting for Buhari’s re-election.
4) Huge Borrowing and no project to show for it.
5) Economy in comma.
6) Transferring capital projects to next year as they can’t find them.
What you may infer under this present government is that lots of money is being diverted into private pockets via companies fronting for government officials and officially endorsed by the government.
This is the reason we see lots of movement but no progress. In reality, the movement we see is a routine effort to maintain status quo for official looting to continue. That’s why no single high profile government official will be officially reprimanded talk less prosecuted by the EFCC.
Look again at the 2017 Budget figure, then convert the more than $25 Billion cornered (we are not little children) through companies fronting for Buhari’s cronies. You’d come away with the following:
$25 Billion is more than enough to have conclusively financed the 2017 budget thereby putting the economy on a better pedestal for a positive outlook next year. After financing, the balance of billions left (even at 300 naira to a dollar, Ibe Kachikwu was playing safe, the right metrics should have been 350 to the dollar) would have been saved for 2018 budget.
However, we are looking at a government who do not seem to have a clear view of where they are going, talk less carrying others along. Factoring in the massive borrowing, the absence of critical infrastructure, non-implementation of budgets for two years, it’ll be a miracle if the country escapes a depression in 2018 despite the whitewashed declaratives of a recovery.
