Former Vice President of Nigeria, Atiku Abubakar, hit out at President Muhammadu Buhari over his proposed 2021 budget.
Atiku in his comments stated that the 2021 budget proposal contravened the Fiscal Responsibility Act.
He echoed that the N5.21 trillion budget deficit amounted to over 3.5 per cent of Nigeria’s 2019 Gross Domestic Product, GDP.
“Looking at the 2021 budget proposal placed before the National Assembly by President Muhammadu Buhari on Thursday, October 8, 2020, a number of issues, very grave and perhaps disturbing issues arise.
“This is contrary to the Fiscal Responsibility Act of 2007, which provides in Part II, Section 12, subsection 1 that: ‘Aggregate Expenditure and the Aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three per cent of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the national Assembly for each financial year.”