The former presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, has faulted the 2021 proposed budget by President Muhammadu Buhari.
Abubakar said this in a statement he signed, which was made available to newsmen on Friday.
He said the 2021 budget proposal contravened the Fiscal Responsibility Act.
Recall that Buhari had presented the proposed 2021 budget to the joint session of the National Assembly, a few days ago.
However, the statement which he signed, stressed that the N5.21 trillion budget deficit amounted to over 3.5 percent of Nigeria’s 2019 Gross Domestic Product, GDP.
The statement reads partly: “Looking at the 2021 budget proposal placed before the National Assembly by President muhammadu Buhari on Thursday, October 8, 2020, several 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 percent revenue plus a deficit, not exceeding three percent of the estimated Gross Domestic Product or percentage as may be determined by the National Assembly for each financial year.”
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