A Professor of political economy, Pat Utomi, has concern that President Muhammadu Buhari’s 2023 budget for Nigeria will spell doom for the economy and cost of living, warning of “massive inflation.”
Kokomansion recalls that Buhari signed the 2023 appropriation bill into law after the National Assembly passed the N21.83 trillion budget for the country on Tuesday.
Utomi had stated this during an interview with channels Tv, adding that the budget can create the number of jobs the Buhari administration has promised.
“This budget will lead to loss of jobs, massive inflation. It will lead to a collapse of the exchange rate, the reasons are very simple. this is a budget of debt service.
“What is the goal of the Buhari administration? He says he wants to create 100 million jobs in 10 years, and I ask, can this budget create jobs?.
“They project revenue of N9 trillion and expenditure of N21 trillion. You are already in an unsustainable debt situation. This doesn’t make any sense to anyone who understands economics.
“I absolutely blame Buhari’s government for the economic woes we are going through. What they have done in the last eight years has not worked”, Utomi said.
