The Federal Government will on Friday (today) publish the estimates in the 2022 Appropriation Bill laid before a joint session of the National Assembly by the President MuhammaduBuhari.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, will do the unveiling of the details, which were conspicuously missing in the N16.39tn budget presentation speech delivered by the President.
Akabueze, who confirmed that it is the biggest budget to ever be presented by the Federal Government, also says it was ‘way lower than it should be’.
He added that the problem of Nigeria is not that she is spending too much money, it is that she is actually spending too little.He noted that there is a global measure called the Public Expenditure-GDP ratio.
He says for Nigeria, the ratio was still 12 per cent and the average for Africa was 22 per cent, while there were countries on the continent with over 30 per cent, with developed countries having up to 40 per cent.
Akabueze, while justifying the borrowing spree by the regime, noted that the average revenue-GDP in Africa was 20 per cent while Nigeria was between eight and nine per cent.
