Column: Prospect of PBAT Administration -FY2024 Budget by Kenny Odugbemi

Reflection from the past administration

Goodluck. Jonathan left $15bn, but PMB after 2years squandered this with net of -$17bn
GEJ made impressive impact in upgrading our infrastructure at mega level above $1b these includes
International Airport Abuja& Lagos including major thousands of km of federal roads
But PMB never complete any mega projects bit plunge our economy to incur total debt of N77trn at hand over what a financial wrecklessness

Fy 2024 bench marked against Fy2023 with the following positive percentage progression

Budget 34%
Revenue 88.3%
Borrowing 79.69%
Debt expenditure 34%
Recurrent expenditure 17.95%
Capital expenditure 77.55%
Budget deficit 14%
Tax:GDP 45%

Fy 2024 Sectoral allocation

Defence 12%
Education 4%
Health/Social services 3%
Police 3.4©
Agric 1.2%
Power 0.31%

Note
Budget revenue =Budget deficit

We shall be leveraging on borrowed fund to implement our capital projects through FDI inflow to execute our proposed strategic projects across all sectors through invoice financing

Opportunities

PH refinery will commence operation by the end of December
We are witnessing emergence of several Modular refineries to produce base oil,LPG terminal, methanol plant, Gas processing,
We are having over 60000lpd to augement imported PMS

The petroleum processing by products such as polypropylene key ingredients used to produce Resins, plastics, aluminum coke used to produce can for beverages
As of today, We have direct investment by Son of a Billionaire to a acquire aluminum cans production here in Nigeria

Climate change
(Carbon emissions)

We have reliable information that Federal government sponsored 422 delegates out of reported 1,147 delegates at huge cost of $80m
This expenditure has received wider condemnation in view of our depressed economy

China is a major polluter of our environment who will now be paying billion s of dollars as reparations for the depletion of ozone layers

We now have a tragedy of common leading to disappearance of our global environment

Advantages of participation

We might be awarded with Carbon credit running in billions of dollar

Knowledge reward on climate change impact

Pledge of electric busses by many donor, we shall be receiving first tranch of 100 electric buses

We signed billion dollar contract in power, aviation, solid mineral, ecological support,and environmental pollution

Our liberal nature has helped us to socialize to support drive for credit rewards

Conclusion
We shall have return on investment in these form

Reparations
Tragedy of common pledge

We need to establish all inclusive Mineral resources Commission cutting across mineral deposits which includes and not limited to the following
Gold
Copper
Bitumen
Magnite
Lithium
Phosphate etc

Other anticipated diverse revenue resources such as
Marine &Blue economy ($296bn)
Creative art
Tourism
Digital innovations
Steel development

Fy 2024 budget will give more emphazy on
Security
Poverty reduction and human capacity development

We expect strategic investment across all sectors education, power,trade and investments etc

There is a promise to carry out major review of our fiscal responsibility act 2007
Encouragement of public participation act to reflect true need of Nigeria populace