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Despite pressures to debt financing, President Buhari’s Administration still budgets ₦16.79 billion worth of redundancies with invisible money. Already, the 2021 budget features a 20.9% increase from the previous revised 2020 budget. And projections have the country’s debt profile at ₦35 trillion in four years.
Some experts defended the 2021 Appropriation bill’s reliance on debt, noting “time will justify the borrowings.” Well, the question on our minds is how time could justify a ₦676.3 million sitting and honorarium allowance to the presidency.
Nigeria’s fiscals for 2020 has been confronted with a plethora of challenges from the onset of the budget cycle. As at when the 2020 appropriation bill was passed, the country had a budget deficit of ₦2.175 trillion. Fluctuations and crashes in the price of Brent crude together with the COVID 19 pandemic plunged the country into another financial crisis. To absorb the effect of the various financial assaults on the country, the 2020 budget was downsized by ₦1.5 trillion in March 2020.
