Despite Hardship, Senate Passes N13.588 Trillion 2021 Budget Of High Taxation, Reckless Spending Into Law
Nigerian Senate today passed 2021 budget of N13.588 trillion into law.
The Senate took the action despite series of rejection by Nigerians over the budget.
Suffix to say even now that Nigeria is battling in economic recession.
And more than 14 percent inflation rate causing untold hardship in the country.
President Muhammadu Buhari during the budget presentation months ago emphasized the need for government revenue collectors to go hard on their job to collect more taxes from businesses.
The budget will require more than N4 trillion loan to service.
Despite more than N3 trillion captured in the budget for the servicing of old debts mostly incurred within the life span of the current administration.
The budget is full of paying of allowances to fewer Nigerians with less concern for the large army of unemployed youths in the country.
For instance, the Nigerian Army, Navy and Air Force and the ministry of Defence with less than 500 thousands active duty and reserved personnel will spend more than one trillion naira for defence.
Unlike America Defence with more than two million active duty and reserved personnel that budgeted less than 800 billion dollars for defence in 2021.
America is fighting big powers all over the world.
The America Defence budget is directed to employing more people.
Recklessness in Nigeria military budget shows the armed forces will spend less than two hundred and fifty billion naira as salaries and wages.
This is unlike America Defence that will spend more than 600 billion dollars for the paying of salaries and wages.
The military will spend more than 450 billion naira as allowance or special allowance for special duties.
Like the Nigerian Army, less than 28 billion naira out of the more than 400 billion total budget is merely set outside for capital project.
The Nigerian Army Generals will use more than one billion naira for kitting in the less prioritize capital budget.
The remaining entire larger Nigerian land soldiers will use less than one billion for kitting.
Most of the less than 28 billion capital budget for the Nigerian Army is allocated for the building and construction of transit recreational facilities and accommodations for the land soldiers.
The recklessness in fund allocation in the budget is to say enormous.