Barrister Luke calls for an increase in capital expenditure in 2020 Budget
Honourable Onofiok Luke has called for the increase in the capital expenditure in the 2020 budget estimate presented by the President of the Federal Republic of Nigeria Mr Muhammadu Buhari. He stated this while contributing to the debate on general principles the 2020 Appropriations Bill on the floor of the House during Wednesday plenary. The budget has proposed N2.14 trillion as capital expenditure while N2.45trillion for debt servicing.
The Member representing Etinan/Nsit Ibom/Nsit Ubium Federal Constituency,Hon. Luke said it was not good to have the amount budgeted for debt servicing to be higher than capital expenditure. He said the measures should be taken to ensure an increase in budgetary allocation for capital expenditure as that will benefit Nigerians more.
Also Hon. Luke commended the President for timemously presenting the budget. The budget captured “Buget of sustainable growth and job creation” he said should be targeted at meeting the yearnings of Nigerians. He drew the attention of the House to the fact that 2020 is the year Nigerians were promised economic wellbeing. A year he described as “the magic year we use to hear about.
The Akwa Ibom Lawmaker said the provision of social investment programme in the budget must be for the the poor and vulnerable not the privileged. He also commended the President for making adequate provision for infrastructural development. There is infrastructural deficit in roads, ports and other areas and this budget seeks to address that he said.
“My people have asked me to support this budget because of the benefit it will bring to them” He further stated that he believes that Federal institutions in Akwa Ibom state will equally be beneficiaries of this budget and more importantly the proposed Ibom Deep Sea Port which he believes the President will give the necessary approvals to realise a sea port in Akwa Ibom State.
He appreciated the budget for the increase in non debt recurrent expenditure which will cater for the increase in workers wages , remuneration and welfare for the Police and men of the Armed Forces.