Categories: Local

Budget Chief Decries Waste In Govt, Advocates Petrol Subsidy Review

A file photo of an attendant filling the fuel tank of a car.

 

The Director-General, Budget Office of the Federation, Ben Akabueze, has decried what he described as waste in government, advocating for the review of the fuel subsidy.

Akabueze, who spoke during an interview on Channels Forum, a Channels Television special to mark Nigeria’s 62nd Independence anniversary, said the government’s spending on subsidies has been gulping a lot of resources after the personnel cost and debt servicing.

READ ALSO: Petrol Will Cost ₦462/Litre Without Subsidy, Says NNPCL

He advised President Muhammadu Buhari’s administration to prioritise on its spending while cutting down on some unnecessary waste.

The Director-General, Budget Office of the Federation, Ben Akabueze, speaks on Channels Forum, a Channels Television special to mark Nigeria’s 62nd Independence anniversary on October 1, 2022.

 

“We need to take a hard look at the petrol subsidy that is the single largest item of expenditure after personnel cost and debt service for the Federal Government,” Akabueze said.

“There are some wastes that we still need to cut. We need to do the job of prioritising how we spend the limited resources that are available.”

He also denied insinuations that the government is spending too much money, saying the current administration needs to explore more ways of generating revenue.

According to Akabueze, the country’s infrastructure faces a significant deficit, with many public services suffering.

“Our problem is not that the government is spending too much money. The truth is that the government is not spending enough money and the numbers are there to show.

“The public expenditure to GDP ratio is at the bottom even on the African continent and that is why public services are suffering whether in health or education. The infrastructure faces a significant deficit. It is however correct that we can be more efficient in our expenditure,” the accountant added.

Akabueze’s comments come a month after Minister of Finance, Zainab Ahmed, presented the government’s proposal of spending N3.36 trillion on petrol subsidy in 2023.

Zainab who appeared before the House of Representatives Committee on Finance in Abuja on August 29, reiterated petrol subsidy will remain in place until mid-2023.

She explained the Federal Government is proposing an aggregate expenditure of N19.76 trillion for the 2023 financial year, with a projected deficit of N11.30 trillion.

Ignatius Igwe

Disqus Comments Loading...
Share
Published by
Ignatius Igwe
Tags: Ben Akabueze Petrol Subsidy

Recent Posts

  • Local

Yuletide: FG To Open 2nd Niger Bridge For One Month

  The Federal Government has disclosed that the Second Niger Bridge will only be open to traffic from December 15,…

4 hours ago
  • Local

N-Power: Lawyer Demands D’Banj’s Release, Seeks NASS Probe

  ...Challenges Ministry To Name Officials Involved In Alleged Fund Diversion   Pelumi Olajengbesi, the legal counsel for Oladapo Oyebanji,…

4 hours ago
  • Russia invades Ukraine

Putin Vows More Strikes On Ukraine Energy Infrastructure

  President Vladimir Putin vowed Thursday to keep battering Ukraine's energy grid despite an outcry against the systematic attacks that…

5 hours ago
  • Politics

2023: Chatham House Invites Peter Obi For Election Conversation

  World-leading policy institute and think-tank forum, Chatham House has invited the presidential candidate of the Labour Party (LP), Peter…

5 hours ago
  • Politics

2023: LP Secretary Reveals What Can Stop Obi From Winning

   The National Secretary of the Labour Party (LP), Umar Farouk has said only Nigerians can stop his party’s…

5 hours ago
  • Local

‘Politicians Staging Melodrama’: Rivers Govt Reacts To Attack On Maeba’s Home 

  The Rivers State Government has asked security agencies to unravel what really happened in the reported attack on Senator…

5 hours ago