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Business News of Thursday, 5 January 2023


Buhari’s 2023 budget will cause massive inflation, unemployment, exchange rate collapse - Utomi

Pat Utomi and Muhammadu Buhari Pat Utomi and Muhammadu Buhari

A professor of political economy, Pat Utomi, has raised the alarm that President Muhammadu Buhari’s 2023 budget for Nigeria will spell doom for the economy and cost of living, warning of “massive inflation.

On Tuesday, Buhari signed the 2023 appropriation bill into law after the National Assembly passed the N21.83 trillion budget for the country.

“This budget will lead to loss of jobs, massive inflation. It will lead to a collapse of the exchange rate,” Utomi, a former chieftain of the ruling All Progressives Congress. “The reasons are very simple. This is a budget of debt service.”

He stated this in an interview with Channels TV Wednesday night.

According to the economist, the 2023 budget makes no sense and cannot create the number of jobs Buhari’s regime had promised.

“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?” noted Mr Utomi. “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.”

Utomi castigated the Nigerian leader and stressed, “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.”