Tinubu Budget: Reno Omokri scores Presentation above average, says but Atiku would've performed better.
I listened to President Tinubu's Budget Proposal speech, and I must commend him for his bravery. No allocation for fuel subsidy. That alone has increased the capital allocation by at least 25%. Maybe more. His pegging of oil price at $77. 96 is a little less conservative than I had hoped, given that oil price today is around $80. So there is not much wiggle room. $65 would have been a more realistic number, in my opinion. It is better to underestimate than to overestimate.
On the anticipation of an exchange rate of ₦750 to $1, this is very achievable and is already within reach, with the gradual clearing up of the forex backlog by the Central Bank of Nigeria.
On social issues, the January start date for the Student Loan Scheme brings hope, as well as the announced framework to regulate consumer prices.
What I did not hear, and hoped to hear, is how the Federal Government intends to reduce its own overhead. It costs too much to maintain our National Assembly. They play a vital role and are very much appreciated. However, the present economic realities are such that Nigeria must cut corners, or we will cut ourselves. I understand the President cannot force the Legislature to reduce their budget. Still, the President can lead by example by reducing the Presidency's budget and suggesting they reduce theirs.
Another thing missing is a concrete plan on how this administration plans to recover public monies from people who made off with government funds in the last government. There must be no sacred cows. Those who unjustly got tax waivers should also cough up back taxes. Whether or not they are and were APC loyalists.
Overall, I will score the President above average, even though I firmly believe that Waziri Atiku Abubakar would have done better.
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