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TUC faults 2010 budget proposal

By Victor Ahiuma-Young

TRADE Union Congress of Nigeria (TUC), has faulted President Yar Adua’s 2010 budget proposal now before the National Assembly, saying the provisions in the budget proposal do not inspire hope.

The umbrella body for senior staff associations in the country called on the lawmakers to  fine tune the budget proposal  to a truly balanced and progressive bill that will stimulate production in all sectors of the economy and create employment for the Nigerian people.

In a preliminary evaluation of the 2010 budget proposal, TUC, in a statement by its President-General, Comrade Peter Esele, raised alarm over provisions for debt servicing, lack of concern for unemployment in the country, high interest rate, management of exchange rate by the Central Bank of Nigeria (CBN) and projection for Gross Domestic Product (GDP).

In a 12-point statement, TUC said: “We note that, in reality, the N4.079 trillion, expenditure proposed for 2010 may indeed command less purchasing value than the nominally smaller sum of N3.102 trillion for 2009. This is because of both 30% and devaluation in the value of the naira in the last 12 months and probable further depreciation in the course of the 2010 fiscal year. In the above event, any suggestion that the 2010 budget is a stimulus package must be taken with a pinch of salt.”


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