2019 budget will stimulate economic growth - Senator Adeola

2019 budget will stimulate economic growth - Senator Adeola

- President Buhari has been commended by Senator Adeola for the presentation of the 2019 at the National Assembly

- Adeola said the budget proposal is a progressive budget that will take the country to the next level

- The senator also said the budget was the best in recent years, as it was designed to stimulate economic growth

Senator Olamilekan Adeola (Lagos West) says the 2019 budget proposal is a progressive budget that will take the country to the next level.

Adeola spoke with newsmen in Lagos on Wednesday, December 26, during a Christmas party he organised for residents of his constituency.

The News Agency of Nigeria (NAN) reports that President Muhammadu Buhari had on December 19 presented the N8.83 trillion 2019 Appropriation Bill to the joint session of the National Assembly.

Of the budget, N4.04 trillion or 50.31 per cent was earmarked for recurrent expenditure while N2.03 trillion or 22.98 per cent was earmarked for capital projects.

Also, N2.14 trillion was earmarked for debt servicing while N120 billion was dedicated as sinking fund.

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Reacting, Adeola said the budget was the best in recent years, as it was designed to stimulate economic growth. He said it was the first time any government would earmark as much as N2.14 trillion to service mainly local debts. Adeola said the economy would benefit immensely from the budget.

“This is a very progressive budget. This is budget taking Nigeria to the next level. For the first time in the history of this nation, we have a budget where N2 .14 trillion has been earmarked for the payment of debts.

“And basically, 80% of these debts are local debts because much of the N2.14 trillion will be used to pay local contractors.

“What that means for the country is that there will be more money in the economy, because local contractors will be stimulated through payments," he said.

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The senator said there would be more investments in the economy once those contactual obligations have been met by government.

Adeola, chairman, Senate committee on local content, said the putting the budget for oil bench mark at 60 dollar per barrel and oil output of 2.3 million barrel per day was a step in the right direction.

He said in spite of the the volatility of the oil price in the international market, the president had shown sincerity and optimism on the budget oil price/output bench mark. He urged Nigerians to support the president in his efforts to turn around the economy.

Adeola said he organised the party to appreciate his constituents for the support they had given him as their representative. He implored constituents to continue to support him to deliver democratic dividends in the senatorial zone.

While wishing the people of the area a happy celebration in the festive season, he urged them to vote the All Progressives Congress (APC) in 2019, for the continuation of strides recorded both at the state and federal levels.

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Meanwhile, Legit.ng previously reported that the president of the Nigerian Senate, Bukola Saraki, on Thursday, December 20, described the 2019 appropriation bill presented President Buhari as hopeless.

Saraki, who spoke as the director general of the Peoples Democratic Party (PDP) Presidential Campaign Council (PCCO) in Abuja, at a town hall meeting the party’s flagbearer, Alhaji Atiku Abubakar, had with Civil Society Organisations (CSOs), further argued that Nigerians were safer in 2015 than they are today.

According to Saraki, the budget presented by Buhari “has no future because the statistics do not indicate how it will be funded.”

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Source: Legit

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