CPPE worries over FG’s ability to fund 2022 budget

Sequel to the passage of the budget for the 2022 fiscal year, the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has expressed concern over the ability of the federal government to fund the budget. The centre disclosed this at a press conference held in Lagos to evaluate how […]

Sequel to the passage of the budget for the 2022 fiscal year, the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has expressed concern over the ability of the federal government to fund the budget.

The centre disclosed this at a press conference held in Lagos to evaluate how business and economy strived in 2021.

Muda said: “Now, the budgets have been jacked up. My first concern is that I am not sure is going to be easy to fund this budget, I’m not sure, is too ambiguous a budget.

“Secondly, there’s no political will to deal with the issue of expenditure because every now and then we are being told that the government has a revenue problem,” he said.

“Look at the rate at which we are borrowing. And the borrowing is likely to increase because we are going to the last lap of the administration.”

He said cutting the costs of some projects will help to ensure full implementation of the budget.

He posited that when there is difficulty to fund the budget, it will lead to a shortage in the implementation of the budget because not all appropriated for will be met, adding that it will create pressure for the finance ministry.

He also appealed to the finance minister to review the Tax Appeal Tribunals Rules which ordered those who have tax disputes to pay 50 per cent of the amount in dispute before their appeal could be heard.

He said the rule was conflict with the FIRS Establishment Act that setup the tribunal.