The 2022 Supplementary Budget which had received so much criticism since it was initially sent to the National Assembly for approval has been described as a necessary step by the Federal Government.
Development Economist,. Professor Ken Ife, made this disclosure while speaking on the signing of the 2023 Budget and the 2022 Supplementary Budget.
Professor Ife while explaining the issues said the flooding which ravaged several parts of the country in 2022 necessitated an intervention in the Agriculture Sector by the Federal Government to remedy a situation which had left most of the nations’ food products under water and useless.
He said a look at the 2022 Supplementary appropriation bill shows that Works took a vey large chunk of the spending plan which also shows that the government has made a plan for the Infrastructure damaged by the flooding.
He said the provisions were all very necessary to address deficit in Infrastructure and Other Sectors which came with the flooding.
He disclosed that Works which had over 400 Billion Naira Capital votes in the 2023 Budget also shows that the government has made a massive commitment to the provision of Infrastructure in the 2023 spending plan.
He however said that there are areas in the 2023 Budget which raise concerns but there are also optimistic notes especially the benchmark for oil production which he said the government needs serious work on to actually achieve.
He pointed out that the Oil production benchmark is too optimistic with the nation staying under a production level of 1 Million barrels per day for most of 2022 and now a target of 1.69 Million Barrels per day.
According to him the Federal Government should be trying to work towards achieving a 2 Million Barrels per day production benchmark though it will be a massive success to even get anywhere near the 1.69 Million Barrels per day target set for 2023.
