Eyinnaya Abaribe, the Senator representing Abia South in the red chamber has described the 2020 budget President Muhammadu Buhari recently presented to the National Assembly as “a budget of taxation.”
The Senate Minority leader stated that the country is currently struggling and the budget was not sustainable because debt servicing was higher than capital expenditure.
He said: “This is nothing but a budget of taxation. I urge the Senate to look at that fact as it is not a sustainable budget. Debt servicing is higher than capital expenditure.
“We are still struggling. I second the budget presentation by the Senate Leader.”
His comment was backed by the former Governor of Benue State, Gabriel Suswam who insisted that the borrowing methodologies by the current administration needs to be addressed.
“I commend Mr. President for bringing an ambitious budget; the deficit worries me, there is a correspondence borrowing increase; we need to do something in this Chamber by way of legislation to address borrowing,” Suswam said.