The floor of the 8th Senate was in a heated debate recently over the approval and confirmation of the 2019 Budget, as the media, economic experts and lawmakers have identified salient challenges that may be caused, should it be approved by the Senate.
One of the most articulate Senators, Dino Melaye in March 2019, took time to state the reasons why the budget should not be allowed to fly.
On the floor of the Senate, Dino revealed a lot, as follows: Mr President, I start by saying that this budget as presented by the federal republic of Nigeria is a budget that Nigerians and the parliament need to be sorry about. Before I go to the meat of the budget, Mr President we have to look at the state of our economy vis-à-vis the provision stipulated in the budget therein, Mr President as I speak to the parliament this afternoon, the federal government have spent 41 billion dollars in cushioning and stabilize the naira. How long shall we continue in sin and ask grace to abound, Mr President? I bring also to the attention of the parliament that we no longer have a foreign reserve to continue to cushion the effect of the devaluation of the naira Mr. president, the price of crude has dropped from 60 to 50. This is very significant and makes the projection of 2019 budget unrealizable and unrealistic.
Mr President, there is a drop in the Internally generated revenue of the federal government. My respected colleagues, there is a drop in the revenue of the Nigeria Customs, the federal government has no money again to subsidize fuel subsidy. In the midst of all this outrageously calamitous situation Mr President, how do we fund the 2019 budget? Are we going to fund the budget on daily contribution? Are we going to borrow again Mr President? These are questions begging for answers.
I want to announce to Nigerians, despite the hypocrisy of federal government, despite the lies in this budget, I prophesy to you Mr President and to Nigerians, that the federal government will soon deregulate. Mr President, Inflation is on the rise. Unemployment is on the increase. Yet we have a budget that has nothing for the poor masses of the country. I challenge the proponents of the 2019 budget. I challenge those who support everything presented by the executive to tell me where in the 2019 budget has any provision been made for the Talakawas. Where in the 2019 budget is there any provision for the have-nots, the unemployed, and the poor masses of the federal republic of Nigeria.
Mr President, as I speak, there is no longer a foreign investment in Nigeria. And I announce to you Mr President that with all this indices and yardstick, by the end of May, except there is a miracle, the dollar will rise to 500 to one dollar because we have depleted our foreign reserve. We are a chattered borrowing nation. Mr President, upon of announcement of Mohammadu Buhari as the winner of the 2019 presidential elections…no sooner had he concluded his thought on this matter, he was interrupted by a standing order raised by Senator Barau Jibrin, representing Kano north. Senator Barau Jibrin noted from the order 53 of rule 7 of the Senate act, which stated that “it shall be out of order to use offensive and insulting language by any Senate member while on the floor. He directed the Senate President to call Senator Dino Melaye to order in his choice of words as he speaks.
So Dino Continues..
I am not discussing my family problem, it is the budget we are discussing… Mr President, after that distraction I want to say that after the announcement of Mohammadu Buhari as the winner of the 2019 presidential elections, the stock market has lost over 300billion and as I speak to you, Mr President, I want to state, there will be devaluation of the naira, we cannot continue as a nation to keep borrowing to fund the budget. Mr President, our external debt as I speak today is 23 billion dollars. The highest in the history of the federal republic of Nigeria not under the military government did we have this type of borrowing. Our local debt today is over 20 billion dollars. That is today, the federal republic of Nigeria is owing over 40 billion US Dollars, which about 60 per cent of this amount is incurred under the administration of the government in question.
Mr President, I also give this vantage information to this Senate, Mr President, that already, there is a plan to write you, or write the Senate through you where another 12 billion US dollars is about to be borrowed to service Port Harcourt, Maiduguri rail project. If that comes to the Senate, our borrowing as a nation will be close to 60billion dollars. We are now going to borrow again to put generation yet unborn in danger. And all these monies we have borrowed, I want to ask that let my colleagues that are hell-bent on supporting the executive tell this Senate, what have we benefitted from the 16billion dollars borrowed by this administration?
–Joseph Seun Emmanuel
