Atiku reveals ways Nigeria can tackle recession

Former Vice President Atiku Abubakar has advised the federal government to review its N13 trillion 2021 budget describing it as a “luxury heavy budget”.

The 2019 PDP presidential candidate said the nation is broke but not broken saying that the 2021 budget presented by the National Assembly on Tuesday, October 8 is no longer tenable.

Atiku wrote on his Twitter page.

“For a start, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable. Nigeria neither has the resources, or the need to implement such a luxury heavy budget. The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation, to being a broken nation.”

“As a matter of importance and urgency, every non essential line item in the proposed 2021 budget must be expunged. For the avoidance of doubt, this ought to include estacodes, non emergency travel, feeding, welfare packages, overseas training, new vehicle purchases, office upgrades, non salary allowances, etc.”

“A tax on the ultra wealthy to protect the extremely poor.”

For instance, “a 15% tax on all Business and First Class tickets sold to and from Nigeria, on all luxury car imports and sales, on all private jets imports and service charges, on all jewellery imports and sales, on all designer products imported, produced or sold in Nigeria, and on all other luxury goods either manufactured, or imported into Nigeria, with the exception of goods made for export,” he said.

Mr Abubakar states that the country should stop borrowing to fund white elephant projects and also proposed a one per cent poverty alleviation tax to be legislated by the National Assembly on the profits of every international oil company and airlines operating in Nigeria.

Leave a Reply