APC’s N4.1tr Take-Off Budget Proposal To Off-Set Oil Subsidy, Other Expenses | Independent Newspapers Limited
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APC’s N4.1tr Take-Off Budget Proposal To Off-Set Oil Subsidy, Other Expenses

Posted: May 25, 2015 at 7:08 pm   /   by   /   comments (0)

By Ejikeme Omenazu, Lagos

Odigie-Oyegun (left) and Buhari

Odigie-Oyegun (left) and Buhari

THE Chairman of All Progressives Congress (APC), John Odigie-Oyegun, has said that the Federal Government under the All Progressives Congress (APC) watch will require N4.1 trillion to off-set the backlog of oil subsidy and other expenses.

Speaking at a two-day retreat for all APC Senators-elect in Abuja on Saturday, May 23, 2015, Oyegun said the amount included payments for arrears of salaries at federal and state levels and debt servicing.

Oyegun, in his speech titled “Extraordinary Times Require Extraordinary Actions”, maintained that the lawmakers were coming to serve at one of the most challenging periods in the nation’s history, describing the Senators-elect as the party’s “torch bearers.”

He stressed that the days ahead would be tough as members of the Eighth National Assembly would be required to take hard decisions with “unparalleled commitment, uncommon patriotism, unprecedented hard work and indeed a reservoir of your innermost strength.”

Oyegun added that the APC, as our party, would take the centre stage in the next few days and would begin to implement its programmes for the benefit of the long suffering people.

The APC Chairman stressed: “From the first day of this government, a total of N4.1 trillion will be required for sundry expenses, including oil subsidy payment, arrears of salaries at federal and state levels and debt servicing, just to mention a few.

“Put this against the background of  the falling oil prices, the unprecedented $60 billion debt, which the outgoing government has left for the incoming one, the largely depleted Excess Crude Account (ECA), the $60 billion that have been lost in the last four years to crude oil theft (and which are perhaps still being lost as we speak), the need to rapidly create jobs for our teeming army of unemployed youths, enhance the security of the citizenry and improve the economy, and you will begin to understand the enormity of the challenges ahead.

“This is not a lamentation forum, but still, we must tell ourselves the truth about the state of the nation, and the expectations of our people.” Oyegun stressed that people’s hope had been rekindled with the emergence of the new government as “to a number of our compatriots, by May 30, a day after the swearing of our President-elect, all the streets in Nigeria will be air conditioned while electricity will become stable and fuel scarcity will be a thing of the past.

Yes, we will get there, but it won’t happen overnight.” Oyegun stressed that as Senators-elect, the lawmakers would be called upon to take extraordinary actions to address the extraordinary challenges that confront the nation, adding that the President-elect, Muhammadu Buhari, more than anyone else, needed the support and cooperation of the Eight National Assembly to fulfill his campaign promise to Nigerians.

“You may be required to pass important bills at very short notices. This will not be unprecedented, but will require a buy-in to the programmes of the President and the party and a willingness to work with him and the party for the benefit of all Nigerians. “The demands on you will be tasking, but you are up to the task,” he added.