PMB's BUDGET OF CONSOLIDATION AND TRANSITION, AND WHY YOU SHOULD CARE!
PMB's BUDGET OF CONSOLIDATION AND TRANSITION, AND WHY YOU SHOULD CARE! Apologies to my readers, I must confess that I've not fully digested the 2023 Federal Government Budget of Consolidation and Transition as tagged by President Muhammodu Buhari in his presentation to the National Assembly last week, but one item that has generated a lot of controversy is the plan of the government to borrow more money to finance its expenditure. According to the breakdown of the budget, the total budget is 20.5 trillion.The expected revenue is 9.7 trillion.The Government planned borrowing is 8.8 trillion. The country current debt profile is 42 trillion.Thus, if the budget is strictly adhered to, the country total debt will not be less than 50.8 trillion. The question then is if there is any reason for concerned? The answer is both Yes and No. One of the immediate reason why we should worry is that some of the money to be borrowed is to refinance some of the previous loans borrowed. Second...