The Coalition of United Political Parties (CUPP) has described the Nigeria’s 2022 budget presented by President Muhammadu Buhari as one filled with debts and loans, lacking any better plan for Nigerians.
In a statement on Thursday, the group publicity secretary, Ikenga Imo Ugochinyere, said it had scrutinized the Appropriation bill.
The spokesman said Buhari failed to take steps to include plans that could make him “leave office with some element of pride”.
Ugochinyere said: “Recurrent expenditures and capital expenses like purchase of cars, computers and accessories, and other unnecessary and white elephant projects are all the budget contains because the ruling party will use the budget to fund their 2023 election campaigns.
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“A N16.39 trillion budget contains Debt service of N3.61 trillion, non-debt recurrent costs of N6.83 trillion while there is only a capital expenditure of N5.35 trillion.
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“New borrowings in the budget is totaling N5.01 trillion with an extra N1.16trillion drawdowns on loans secured for specific projects. This is the highlight of the uninspiring speech of the President as it cannot add any productive value to the economy.”
He further said: “After borrowing over N33trillion, President Buhari is still declaring to Nigerians that he is borrowing to fund Lagos-Ibadan Expressway, Abuja-Kano Expressway, East-West Road, 2nd Niger Bridge etc.
“Nigerians should please ask President Buhari; when will these projects which have been in the budgets since 2016 ever be completed?”
