The Deputy President of the Senate, Ike Ekweremadu, on Wednesday in Abuja, condemned the enormous borrowing plans of the federal goverment as reflected in the 2016 budget proposal while advocating fair distribution of projects.
Ekweremadu made the call while contributing to the debate on the consideration of the general principles of the proposed 2016 budget.
Speaking on road projects, he said that the distribution and allocation was not equitable.
`` I am worried about the spread, the equity in some of the figures: I hope our colleagues will do the right thing.
``The Kano-Maiduguri Expressway way is to have is N10 billion, the Enugu-Port Harcourt road,N10 billion, Enugu-Onitsha , N3 bn but Lagos – Ibadan has N55 bn.
``I think that our committee needs to look at it, I do not have any problem with the provision for road but I think there should be equity in the distribution of figures.
``It may never be enough but we need to know that a man who is not justly treated can never be interested in peace, so I think if we want peace in this country we have to be fair to all concerned.
``This country belongs to all of us, we have to look at the key sectors that can create jobs in this country, we have to focus on diversifying our economy,” he said.
He urged the Federal Government to focus more on ongoing projects rather than spending billions on new projects.
The senator expressed worry at the feasibility of the budget, especially with the dwindling revenue, stressing that it will be impossible to fund the budget as it currently was.
He expressed worry over dwindling revenue.
``Over the years we have seen prosperity and we have adjusted to it and now we are seeing a downward trend in our revenue and we don’t seem to be addressing this issue.
``We have always increased the budget of this country from between 10 and 20 per cent, I just want to appeal that for the first time we should be able to reduce that budget by the same 20 to 30 per cent.
``That is in order for us to be realistic otherwise it will not be implementable,” he said.
He appealed that the best way of funding the budget was not go on massive borrowing but to look inwards and raise money through other sources.
He stressed that instead of mortgaging the nation’s future by borrowing, the budget should be reduced and the economy diversified while tax revenue should be expanded.
``I believe that as we look at the spending side, we have to look at the revenue side: we have not been creative enough to raise money to run this country.
``In many countries, they have the communication tax law which ensures that everybody that makes a call or sends a message pays tax to government.
``But in Nigerian, from bus stops to schools to hospitals to the markets, Nigerians are on the phone every minute of the day and nobody is paying tax on it, if we pay tax on it we do not need to go and get any loan from anywhere, we will have enough money to finance this budget,” he said.
A number of other lawmakers while making contributions also condemned the level of borrowings reflected in the budget proposals.
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