2023 Budget would Result in Unemployment and Inflation – Utomi.

According to Pat Utomi, a political economy professor and the founder of the Centre for Values in Leadership, the recently passed 2023 budget will result in severe inflation, job losses, and a collapse of the currency rate, this is likely to surpass the Nigeria inflation rate 2022.

The analyst who referred to it as a debt servicing budget claimed that the expected figures of N9 trillion in revenue and N21 trillion in expenditures defied common sense. He stated: “This budget will result in significant inflation and employment losses.

Nigeria already has a problem, which Forbes Magazine referred to in 2019 as Africa’s money-losing machine. Utomi stated that he held the Buhari administration accountable for the nation’s economic troubles, pointing out that one contributing factor was allowing the CBN to control both the fiscal and monetary policies “

The problem I have is with the civil service and this is why it is important to rebuild the civil service.
“Utomi further described the management of economy as “not people friendly, not job creation sensitive, and not economic growth oriented,” adding that the government had become too bloated.

Punch