Prof. Uche Uwaleke, an experts on Finance and Capital Markets at the Nasarawa State University Keffi, has described the 2020 revised budget signed by President Muhammadu Buhari as a realistic assumption.
Uwaleke stated this when he appeared on Channels news at 10, monitored by the News Agency of Nigeria (NAN) on Friday.
NAN recalls that Buhari on Friday signed the revised N10.8 trillion 2020 budget into law.
He said the president needed to be commended for coming up with a realistic 2020 revised budget.
The economist said the benchmarks were realistic as well as allocation of resources in the estimate.
He noted that the allocation reflected the government’s priorities, adding that in the breakdown, work and housing, transport, power and agriculture had the largest share.
“The 2020 revised budget is a child of necessity, in the sense by now, we would have been six months into the implementation of the budget.
“Again that brings me to commend the Federal Government’s effort in restoring the budget cycle from January to December but just that COVID-19 is affecting this one.
“That the budget is high or higher than what was initially presented, it is expected, in a period of recession, we wouldn’t be reducing spending, if you want to stimulate the economy and avert a severe recession as being projected, the option is to spend,” he explained.
Uwaleke, however, commended Buhari for giving a marching order to the Minister of Finance, Budget and National Planning to ensure MDAs got at least 50 per cent of their capital allocation before the end of the month.
He said that with this development, a significant implementation would be recorded before the end of the year.
He, therefore, advised the government to revisit recurrent expenditures and make some amendments by reducing budget on contingencies, outsourcing services, international sporting events and defence among others. (NAN)