By Dipo Olowookere
President Muhammadu Buhari on Thursday expressed his frustration at the huge problem his administration is facing in generating revenue to execute some critical projects that will benefit citizens of the country.
Mr Buhari made this disclosure while speaking at the presentation of the 2021 appropriation act on the floor of the National Assembly in Abuja.
However, he expressed confidence that this would be overcome, noting that efforts are already being put in place to address the issue.
“Let me emphasise that revenue generation remains our major challenge.
“Nevertheless, [the] government is determined to tackle the persisting problems with domestic resource mobilisation, as there is a limit to deficit financing through borrowing.
“The time has come for us to maintain a healthy balance between meeting our growing expenditure commitments and our long-term public financial health,” Mr Buhari said when he submitted the 2021 budget to both members of the Senate and the House of Representatives.
Today, the President sought the approval of the parliament to spend N13.08 trillion in the next fiscal year. He termed his expenditure estimate as Budget of Economic Recovery and Resilience.
Mr Buhari explained that the budget was “prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus pandemic.”
He noted that the country’s economy was currently facing serious challenges, with the macroeconomic environment being significantly disrupted by COVID-19.
According to him, “the GDP growth is projected to be negative in the third quarter of this year [and] as such, our economy may lapse into the second recession in four years, with significant adverse consequences.”
“However, we are working assiduously to ensure rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years,” he assured.
The President thanked “all Nigerians for your perseverance and continued support during these difficult times,” assuring further that his administration remains “unwavering in our commitment to actualize our vision of a bright future for everyone.”
Adedapo Adesanya