Nigeria Needs A Realistic Budget For Economic Growth, Says Lawmaker

A parliamentarian, Mr Gbolahan Yishawu, on Friday in Lagos advocated for a realistic budget that will address the current challenges facing the nation’s economy. Yishawu, a member of the Action Congress of Nigeria (ACN) represents Eti-Osa II Constituency in the Lagos State House of Assembly.
The lawmaker, who spoke at the Assembly premises, told newsmen that expected projections should be the norm instead of borrowing indiscriminately.
He said that instead of finding a way out to meet satisfactory budget performance annually, the country should make a realistic budget in line with expected revenue projections.
“Instead of struggling, why don’t you have 60 per cent projection alb initio’’ he said. Yishawu added that instead of borrowing from outside the country, the policy should be tilted in favour of borrowing within the system.
“We can borrow for instance from the pension fund. With this, we can easily manage the system within ourselves.
“This current borrowing is a waste, we need to borrow intelligently and ensure that it is tailored to meet the projection,’’ he said. Yishawu also called for a review of the Central Bank of Nigeria monetary policy.
He said a situation where investors were expected to borrow at 32 per cent would not improve the real sector.
Yishawu added that the trend of high interest rate was generating market for other countries at the detriment of local businesses.
“With this policy, small-scale industries are not encouraged, we are rather transferring markets to other countries,” he said.
Commenting on apathy of voters in the country, the lawmaker said that votes count contrary to general belief that the powers that be had already decided who got into offices through the back doors.
Yishawu said there was the need for more orientation on electoral matters, adding that voter’s advocacy should be carried out to enable the people know the value of their votes.