• About
  • Contact Us
Wednesday, July 6, 2022
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    Fidelity Bank

    Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

    Peter Obi Kwankwaso Labour Party

    2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Kuje Prison Attack

    Terrorists Attack Kuje Prison Hours After Attack On Buhari’s Security Team

    Lagos

    Lagos Govt. Dismisses Judge Who Impregnates Complainant’s Wife

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    Fidelity Bank

    Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

    Peter Obi Kwankwaso Labour Party

    2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Kuje Prison Attack

    Terrorists Attack Kuje Prison Hours After Attack On Buhari’s Security Team

    Lagos

    Lagos Govt. Dismisses Judge Who Impregnates Complainant’s Wife

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Sell Your Private Jets – Atiku Advises Presidency As COVID-19 Hits Economy

Emmanuel Onminyi by Emmanuel Onminyi
May 15, 2020
in Business, Coronavirus, Economy, Health, National, News
0
Atiku BB Naija IPOB Biafra

Atiku Abubakar

0
SHARES
145
VIEWS
Share on FacebookShare on Twitter

As the country battles the impact of the coronavirus pandemic on the Nigerian economy, former vice president of Nigeria, Atiku Abubakar, has advised the Nigerian government to cut the billions budgeted for luxury feeding and travelling for the presidency, to save cost.

In a statement posted on his Facebook page on Thursday, Abubakar said that Nigeria’s inability to expand her non-oil sector revenue following the crash in the oil price implies that the country has lost touch with the realities that come with the pandemic.

READ ALSO

Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

READ ALSO: Vice President, Osinbajo, Explains How Nigerian Can Defeat COVID-19

app

On the Federal Government’s slash of its budget by N71 billion at 0.6 per cent from N10.594 trillion to N10.523 trillion, Abubakar describes it as “grossly insufficient.”

The 73-year-old politician said:

Eco Bank

For the avoidance of doubt, when this budget was presented to the National Assembly on Tuesday, October 8, 2019, it was predicated on a projection that our nation would generate crude oil production of 2.18 million barrels a day, at an expected oil price of $57 per barrel.

Today that is no longer the case. Both our production, and the price of oil have been severely affected by the coronavirus pandemic, to the extent that we have unsold vessels, and our income has tanked by more than 50 per cent.

How can anyone justify a reduction in expenditure of just 0.6 per cent from ₦10.594 trillion to ₦ 10.523 trillion. This represents a reduction of only ₦71 billion. We cannot be the only nation bucking the trend.

Following the global crash in crude oil due to the effect of the coronavirus pandemic, Nigeria’s crude oil currently sells below its budgetary benchmark at $30,

app

Instead of slashing the salaries of civil servants, the presidential candidate of the Peoples Democratic Party in the 2019 election, said that the massive budgets to run both the presidency and the legislature “has to be downsized.”

To save costs, however, he also said that the ₦27 billion budget for the renovation of the National Assembly should be scrapped, while the salaries of political appointees should be reduced and a number of the jets in the presidential air fleet should be sold.

He said:

app

The best way out of this economic quagmire is to reduce our expenditure. And a 0.6% reduction is no reduction. It is only window dressing.

My counsel to the Federal Government of Nigeria is this: put Nigerians first and cut your coat, not according to your size, but according to your cloth.

Realistically slash the budget. Every pork barrel has to go. The billions budgeted for the travels and feeding of the President and Vice President has to be reduced.

The ₦27 billion budget for the renovation of the National Assembly has to go. The massive budgets to run both the Presidency and the Legislature has to be downsized.

The budget for purchasing luxury cars for the President, his vice, and other political office holders must be abandoned. Leave the salaries of civil servants alone, but reduce the salaries of political appointees. Sell 8 or 9 of the jets in the Presidential Air Fleet.

Any budget slash that is less than 25 per cent will not be in the interest of Nigeria. And beyond a budget slash, Nigeria needs a budget realignment, to redirect expenditure away from running a massive bureaucracy, into social development sectors like education, infrastructure, and above all, healthcare. We must invest in the goose that lays the golden egg – the Nigerian people.

These are the types of sacrifices that we need in a time of crisis. We do not need empty gestures that will lead to empty treasuries.

Tags: Atiku AbubakarCOVID-19FGNigeria

Related Posts

Fidelity Bank
Business

Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

July 6, 2022
Peter Obi Kwankwaso Labour Party
News

2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

July 6, 2022
Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances
News

Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

July 6, 2022
Kuje Prison Attack
News

Terrorists Attack Kuje Prison Hours After Attack On Buhari’s Security Team

July 6, 2022
Dollar To Naira Black Market Exchange Rate Today 6th July 2022
Business

Dollar To Naira Black Market Exchange Rate Today 6th July 2022

July 6, 2022
Lagos
Metro Gist

Lagos Govt. Dismisses Judge Who Impregnates Complainant’s Wife

July 6, 2022
Next Post
Nigeria DStv GOtv subscription

Multichoice Clears Air On Planned Increase Of Subscription Rates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

app

app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

Muhammad Barkindo, OPEC Secretary-General, Is Dead

Muhammad Barkindo, OPEC Secretary-General, Is Dead

July 6, 2022

LOOMING STRIFE IN DELTA OIL COMMUNITIES AS STAKEHOLDERS ACUSE CHEVRON OF FRUSTRATING AWARD OF CONTRACTS FOR ITSEKIRI REGIONAL DEVELOPMENT COMMITTEE (I.R.D.C)

July 4, 2022
Week 52 Pool Fixture for Sat 2, July 2022: Aussie 2022

Week 52 Pool Fixture for Sat 2, July 2022: Aussie 2022

June 28, 2022
25 Of The Latest Ankara Short Gown Styles For 2022

25 Of The Latest Ankara Short Gown Styles For 2022

March 10, 2022
Week 1 Pool Fixture for Sat 9, July 2022: Aussie 2022

Week 1 Pool Fixture for Sat 9, July 2022: Aussie 2022

June 28, 2022

EDITOR'S PICK

Nigeria Gets WHO Certification To Produce Vaccines

November 23, 2021
NCDC COVID-19 Short code

Schools Must Conduct Weekly COVID-19 Assessment – FG

September 18, 2020
NDDC BB Naija Biafra IPOB

NDDC Got N6 Trillion In Eight Years, Maintains 362 Bank Accounts Without Proper Reconciliation – FG

September 3, 2021
Anambra election

FG Moves To Arraign Leader Of Aswani Market, Six Others For Terrorism

December 1, 2020

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • Richard Mofe Damijo releases stunning photos to mark 61st birthday
  • Popular pastor gifts homeless veteran Nollywood actor Kenneth Aguba free accommodation
  • Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over
  • 2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe
  • Disclaimer
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....