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2019 budget will stimulate economic growth – Olamilekan Adeola

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3 years ago

July 4, 2022

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Sen. Olamilekan Adeola (Lagos West) says the 2019 budget proposal is a progressive budget that will take the country to the next level.

Adeola spoke with newsmen in Lagos on Wednesday, during a Christmas party he organised for residents of his constituency.

The News Agency of Nigeria (NAN) reports that President Muhammadu Buhari had on Dec.19 presented the N8.83 trillion 2019 Appropriation Bill to the joint session of the National Assembly.

Of the budget, N4.04 trillion or 50.31 per cent was earmarked for recurrent expenditure while N2 .03 trillion or 22.98 per cent was earmarked for capital projects.

Also, N2.14 trillion was earmarked for debt servicing while N120billion was dedicated as sinking fund.

Reacting, Adeola said the budget was the best in recent years, as it was designed to stimulate economic growth.

He said it was the first time any government would earmark as much as N2 .14 trillion to service mainly local debts.

Adeola said the economy would benefit immensely from the budget.

“This is a very progressive budget. This is budget taking Nigeria to the next level.

“For the first time in the history of this nation, we have a budget where N2 .14 trillion has been earmarked for the payment of debts.

“And basically, 80 per cent of these debts are local debts because much of the N2.14 trillion will be used to pay local contractors.

“What that means for the country is that there will be more money in the economy, because local contractors will be stimulated through payments,” he said.

Adeola said there would be more investments in the economy once those contactual obligations have been met by government.

Adeola, Chairman, Senate Committee on Local Content, said the pegging of budget oil bench mark at 60 dollar per barrel and oil output of 2.3 million barrel per day was a step in the right direction.

He said in spite of the the volatility of the oil price in the international market, the president had shown sincerity and optimism on the budget oil price/output bench mark.

Adeola urged Nigerians to support the president in his efforts to turn around the economy.

He said he organised the party to appreciate his constituents for the support they had given him as their representative.

Adeola implored constituents to continue to support him to deliver democratic dividends in the senatorial zone.

While wishing the people of the area a happy celebration in the festive season, he urged them to vote the All Progressives Congress (APC) in 2019, for the continuation of strides recorded both at the state and federal levels.