The Vice-Chairman, Senate Committee on Capital Market, Sen. Binos Yaroe (PDP-Adamawa), has lauded the directive by President Muhammadu Buhari suspending foreign travels by ministers and heads of agencies to enable them to appear for their budget defence.
Yaroe, who gave the commendation Tuesday in an interview with newsmen in Yola, said the measure would facilitate speedy passage of the budget.
He also commended the president for his timely presentation of the 2020 Appropriation Bill to the National Assembly.
“I would also like to commend Mr. President for submitting the budget on time,” Yaroe said.
The senator also supported the introduction of VAT and measures taken by the government to ensure that it did not adversely affect small businesses.
“A lot of people are not happy with the VAT, but for me, it is a good thing, ” Yaroe said.
The senator, however, expressed concern over the 57 dollars per barrel benchmark for the budget saying it did not seem feasible because of unsteady fuel price.
He also expressed his fears on the 2.3 million barrel daily expected to be produced as captured in the 2020 budget proposal, when the 1.9 million for 2019 had not been achieved.
“I don’t think it is wise to use that high number. It’s unlikely we will achieve that because of the fragile peace in Niger Delta.”
He also said that the allocation of 23 per cent of the 2020 budget to capital projects was too low.
Yaroe said that the nation needed to be giving more allocation to capital projects for the needed growth.
The lawmaker called for one exchange rate for the Dollar, pointing out that the present dual exchange rate promotes corruption.
“Let’s have one single exchange rate to prevent people from taking advantage of the system to enrich themselves,” he said.