President Muhammadu Buhari is scheduled to present 2017 budget to the Joint sitting of National Assembly on December 1, 2016.
Senate Minority Leader, Godswill Akpabio made this disclosure while contributing to debate on projected assumptions made by the executive in the 2017-2019 Medium Term Expenditure Framework (MTEF), saying the proposal was unrealist.
According to him, “Yesterday (Tuesday) you made reference to the fact that the President may be coming to the chambers to submit and read the 2017 budget on 1st of December (Next week Thursday).
“If that is the case and we send this (MTEF) back for reworking to the presidency, it means that we will not be able to meet that deadline.
“But, if we send it to the committee level, they may come up with something within the next three days that will be much, much realistic ahead of the budget presentation itself.”
Akpabio pleaded to senators not to reject the document based on unrealistic projections of the proposal by the Presidency.
He said further, “We can see that we don’t have a perfect document in our hands but of course we are looking at assumptions and assumptions may not necessarily be correct. I want to suggest that we send it to the committee.
“Of course, the committees will invite the relevant agencies and ministries of government. And they will come up with a more realistic MTEF/FSP.
“So, my appeal will be that the committee members should take into cognisance all the submissions and observations made today; so that we can come up with a more realistic MTEF and FSP”.
Others Senators in their contributions on the debate on MTEF declared that the document is “empty”.
The Senators who spoke against the proposal were Dino Melaye, Bayero Nafada , Adeola Olamilekan, Mohammed Hassan, Emmanuel Paulker , Abiodun Olujimi.
The senators said the proposal should be returned to presidency for amendment.
Some of the assumptions in the MTEF document kicked against by the senators are the 2.2million barrel per day oil production as against 1.6million barrel per day production that it is, presently, exchange rate of N290 to a U.S dollar as against N305 to a dollar officially announced by the Central Bank Governor, Godwin Emefiele , two days ago.
Others are, 3.02% GDP growth rate for 2017 as against -2.44% growth rate it is now, from – 2.06% it was during the second quarter as a result of recession.
But, other Senators like Ahmad Lawan, Ahmed Rufai Sani , etc supported the document submitted by President Buhari.
The Senate President, Bukola Saraki in his remarks agreed that the document was full of unrealistic assumptions but called on the senators to allow the Senate give it a second look at the committee level to which they concurred to.
He said: “There is no doubt about the fact that these projections are not realistic. The Central Bank of Nigeria has said it is using N305 (to a dollar). There is no doubt as well that throughout this year, we did not achieve 2.2 million barrels per day; even in time of peace (in the oil
rich Niger Delta), we have not achieved 2.5mbpd. How realistic is
2.2mbpd next year? The oil price as well looks conservative.
“Like some of our distinguished colleagues said, our responsibility is
to work on it and use our capacity to do the right thing. We have our
Committees on Appropriation and Finance that should not just take
anything from the executive, sign it and return it (verbatim).
“If it means that we have to rehash it, look at it again, turn it around and
do what is right, then, that it our responsibility.
“I think that it just the way to go rather than to just take a
document from the executive and return the same to it. It is clear
from what was submitted (by the lawmakers) today that it will not work
like that this time around.”
Saraki asked the Committees on Finance and Appropriation to do a through work on the MTEF and FSP before returning it back to Senate for consideration.
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