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2016 Budget Cannot be Implemented Due to Distortions – Senator Ndume

by on April 26, 2016

Nigerian Senate Leader, Mohammed Ali Ndume, has said the distortions by lawmakers in the 2016 Budget made it not practicable for implementation by the Executive.
Ndume said this in an interactive section with journalists in his Maiduguri residence.
He said President Muhammadu Buhari as a man of integrity refused to sign the budget after discovering the numerous distortions that will hamper the change he desired for the nation through the budget, adding that the president was left with no choice than to return the budget to the National Assembly for redress.
“It could not realise and meet the policy and budgetary targets of Ministries, Departments and Agencies, MDAs, of the Federal government.
“ Some of the distortions are; inclusion of N40 billion projects in the works ministry, 386 projects in Agriculture and the removal of Lagos – Calabar rail projects among others by Lawmakers.
“ The constitution does not allow the president to return a budget he has signed for correction to the National Assembly, so the president refused to sign the budget before returning it for correction because, once he signs, it stands like that no matter the error”, Ndume explained.
On the economic impact of President Mohammadu Buhari’s visit to China as well as the currency swap deal, Ndume said the visit will have a huge and positive impact on key sectors of Nigerian economy including power, solid minerals, Agriculture, housing and rail transportation.
“In doing business with China, we will not need to buy dollars and begin to convert it, especially, now that the Nigerian economy is experiencing forex crisis.
“ It is a good economic policy in the sense that excessive demand for dollar will reduce in Nigeria.
“It means Nigerian government can carry out transactions with China using their local currency, the Yuan, and such business can be done at their official rate. On the other hand, China can also do business with Nigeria using our own local currency which is the Naira at our own official rate.
“Individuals and private companies can also buy directly from China using the Naira and Yuan for the transactions “, he added.

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