By Ayo Akinfe
Buhari presents 2020 budget of $28.4bn based on oil price of $57 and output of 2.18m barrels a day – See more at: https://bit.ly/2MnNl8q
 These figures simply do not add up. For starters, we have an annual infrastructural deficit of $100bn and our total 2020 budget is only $28.4bn
 Secondly, the budget is based on us producing 2.18m barrels of oil a day when our Opec quota is 1.68m barrels
 The budget is based on oil selling for $57 a barrel. What happens if they collapse to $30 a barrel?
 We are spending about 11% of the budget servicing debts. A total of N2.45trn is going on debt servicing, which I find totally unacceptable
 Defence spending is more than the combination of what we are spending ion health and education
 Our education budget of N48bn is totally unacceptable when we are spending N35bn on internal affairs
 Where is the capital for infrastructural development going to come?
 This budget is based on a GDP growth rate of 2.93%. That will only happen if oil prices are high
 It is estimated that in 2020, the inflation rate is will remain slightly above single digits. If we get 15% inflation (as is now happening with the border closure), these figures are out of sync
 For me, the only positive is the fact that foreign reserves increased to $42.5bn in August from $23bn in 2016.
However you look at it, this is an austerity budget!