Commissioner for solid mineral in Edo
state , Hon. Saturday Uwulekhue ,has said that the current economic predicament in President
Muhammadu Buhari’s administration should be blamed on previous
administrations who failed to peg budget based on economic reality.
Uwulekhue said the previous administration is guilty of not cutting their coat according to their cloth as they were using the
dollar as a benchmark in preparing the budget
He also said what was happening now was inevitable and should have been seen
as coming.
He said: “What we are observing today should
have been expected by the previous government
and by those who were saddled with the
responsibilities of advising government.
For
instance the price of oil was based on the
abnormalities in the prices of oil in the
international market and people were working
the budget based on the abnormalities.”
“The issue is that what we are seeing at the
international market is that we were living in a
borrowed economy because of the crisis in the
international market.”
“They would have prepared the budget based on
the reality on ground. Budgets were based on
these abnormalities. I believe that the issue of
diversification should have long been taken care
off before now. We should have done that over
20years ago. As I speak no state government
has any other source of revenue other than oil.
No machines are on ground to explore or exploit
solid minerals, all that is happening is that
private sector participation. What the
government do is just collect its taxes and
haulage and personal income tax.”
state , Hon. Saturday Uwulekhue ,has said that the current economic predicament in President
Muhammadu Buhari’s administration should be blamed on previous
administrations who failed to peg budget based on economic reality.
Uwulekhue said the previous administration is guilty of not cutting their coat according to their cloth as they were using the
dollar as a benchmark in preparing the budget
He also said what was happening now was inevitable and should have been seen
as coming.
He said: “What we are observing today should
have been expected by the previous government
and by those who were saddled with the
responsibilities of advising government.
For
instance the price of oil was based on the
abnormalities in the prices of oil in the
international market and people were working
the budget based on the abnormalities.”
“The issue is that what we are seeing at the
international market is that we were living in a
borrowed economy because of the crisis in the
international market.”
“They would have prepared the budget based on
the reality on ground. Budgets were based on
these abnormalities. I believe that the issue of
diversification should have long been taken care
off before now. We should have done that over
20years ago. As I speak no state government
has any other source of revenue other than oil.
No machines are on ground to explore or exploit
solid minerals, all that is happening is that
private sector participation. What the
government do is just collect its taxes and
haulage and personal income tax.”
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