Udeagbala said, “These factors need to be urgently addressed if inflation must be nipped in the bud. Fiscal policies and public expenditure controls at various government levels during this electioneering period will add to keep inflationary rate in checks.
“Furthermore, it will also be more impactful on the economy for the implementation of the Central Bank of Nigeria interventions in the Agriculture, Manufacturing, Energy, Healthcare and Export sectors. This will further ensure inclusive growth and development of Nigerian economy.” He further stated that it had become very glaring that Nigeria’s debt as at today was high and unsustainable given the dwindling government revenue.
He said despite the revenue shortfalls recorded, government recurrent expenditure remained high while the much-needed capital expenditure continued to suffer serious declines over the last two decades. Udeagbala said that the association had noted, with deep concern, the rising cost of governance as proposed in the 2023 budget of N20.51 trillion. He said the planned expenditures for debt servicing would surpass the budgeted amount for capital expenditures by at least 15 per cent.All rights reserved.