Buhari in presenting the N19.76 trillion budget, noted that the current subsidy regime in the petroleum sector is not sustainable
By Emma Ogbuehi
In what amounts to his last budget presentation to the nation, President Muhammadu Buhari has given a reassurance on the determination of his government to bequeath a lasting legacy of a Nigeria better that what it met in 2015.
Buhari dropped the hints as he noted that the current subsidy regime in the petroleum sector is not sustainable.
The President said part of efforts at achieving a legacy is the signing into law several bills passed by the National Assembly that has led to reform in several aspects of the economy.
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Buhari made the declarations on Friday, October 7, while presenting before the two chambers of the National Assembly, the proposed N19.76 trillion budget for the 2023 financial year.
The proposal represents a 15.37 per cent increase from the amount budgeted in 2022. According to the president, this 8th budget is tagged the budget of Fiscal Sustainability and transition.
Buhari while addressing members of the parliament noted that the 2023 transition budget was designed to address critical issues and lay a solid foundation for the incoming administration.
Buhari maintained that while subsidy has remained a controversial issue, the policy is not sustainable, adding that there was the need to put an end to the exercise in 2023.
Nevertheless, President Buhari enthused that the nation’s Gross Domestic Product (GDP) grew by 3.5 percent in the first quarter of 2022, stressing however that the government must continue to work for higher growth so that Nigerians will feel the impact of growth.
He said that while unemployment and under employment has remained high, the government was implementing some measures to ensure that Nigerian youths are employable.
Buhari stated that the government was doing everything possible to ensure improved power generation in the country. He added that the government has listed a number of roads across the country for construction.
