'2016 budget is a failure' - Association president

olamide oni

February 24, 2016 10:18 AM

ASUU reacted to the budget by declaring that the appropriation bill was a ‘big failure’ in many ways.

ASUU President, Dr. Nasir Isa.

President of the Academic Staff Union of University, (ASUU), Dr. Nasir Isa has said that the 2016 budget presented by President Mohammadu Buhari was a big failure.

ASUU took a swipe at the budget by declaring that the appropriation bill was a ‘big failure’ in many ways.

Speaking on Tuesday, February 23, Isa said, “the budget does not address the issues of the violation of the Nigerian Constitution on the privatisation of the commanding heights of the economy.

“Failing to do this, it leaves the very basic problem of national economic development untouched as well as the very source of the corruption that destroyed the Nigerian economy.

“We do not see a new alternative strategy for development. The 2016 budget risks returning Nigeria to the ‘debt trap’. In order to fund recurrent expenditures, the government will have to go borrowing. It is worrisome that the International Monetary Fund (IMF) and the World Bank are already courting, praising and toasting the new government in Nigeria.

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“President Buhari has said Nigeria will not go borrowing, whereas the Minister of Finance has been consistently affirming that we have to borrow in order to fund the 2016 budget.”

The union stated that given the prevailing economic situation in the country, it would be wrong to support the government’s decision to borrow in order to fund the budget.

“We therefore oppose the borrowing option. The N2. 2 billion recovered from the Treasury Single Account (TSA) and whatever else is recovered from looters should be ploughed back to finance the 2016 budget,” Isa maintained.

olamide oni