The N4.92 trillion 2013 budget is not enough to revamp the power sector – Henry Boyo

Renowned economist, Mr Henry Boyo, has claimed that the 2013 budget is grossly insufficient to give the nation’s economy the much needed surge.

According to him, the N4.92 trillion budget that was recently presented by President Jonathan, can be estimated to be about $7billion and the power sector alone is said to need between $7 – $10 billion alone to revamp it.

He however noted that what the federal government need to do to develop the economy is addressing the nation’s interest rate.

This he claim will immensely enhance the private sector to create jobs.

“The budget is absolutely insufficient to transform our economy because issues of foreign exchange and interest rate are not addressed as our debt burden keeps rising” he stated.

Mr Boyo who is one of the major critics of the nation’s monetary policy, again criticised the planned N5 trillion sinking fund announced by the President, saying the “sinking fund will not prevent the growth of the nation’s debt, because we have an inappropriate and reckless monetary policy that is designed to keep Nigerians poor.”

He also suggested that the name of ‘Debt Management Office’ should be change to ‘Debt Creation Office’.