The President of the Senate, Dr Ahmad Lawan, has disclosed that the revised 2020 Appropriation Act suffered over $14 billion loss due to the nation’s overdependence on oil.

Lawan, who made this known in his welcome address as the Senate resumed plenary after a two-month vacation, told his colleagues that Nigeria was faced with a $14 billion revenue shortage during the current fiscal year.


“We were confronted with over $14 billion revenue gap and the grim reality of an unwholesome overdependence on oil,” he stressed.



According to him, there is an urgent need to focus on other important sectors like agriculture, solid minerals, steel development and manufacturing, with a view to diversifying the nation’s economy, adding that: “We need to work with relevant stakeholders to prevent our economy going into a recession, stimulate the economy, save and create more jobs through a sustainable multiplier effect.”

The Covid-19 pandemic, he further stated, disrupted the federal budgetary plans, requiring the review of the 2020 budget and the upper chamber carrying out oversights to ensure that the revised 2020 Budget is properly implemented.

https://www.independent.ng/nigerias-2020-budget-suffered-over-14bn-loss-says-lawan/

They only know how to talk about our economy and its over dependence on oil but they will never do anything to change that. It's five years now since Buhari took but alas, he has done nothing about reducing Nigeria's economy depending so much on oil. I spit on all of them.

Why are we like this? COVID 19 that many donations were made,give us more realistic reasons for expenditures.If we must turn to agriculture and really want revenue to come from there,we should also pay attention to processing and marketing of produce to avoid lots of losses.Thank God,we are begining to be reasonable.

Sympathy no, sympathy ko.
As if politicians have me in their plans.

In a country where I pay more taxes than my benefits. Meaning I help they. They don't help me

Brandstudio01:
Sympathy no, sympathy ko.
As if politicians have me in their plans.

In a country where I pay more taxes than my benefits. Meaning I help they. They don't help me

Our government is basing their budgets on dollars, but they want us to withdraw in naira when will deposit dollars!

Omooba77:


Our government is basing their budgets on dollars, but they want us to withdraw in naira when will deposit dollars!

Dollars is a globally acceptable currency. Even Gandollar knows this that's why he went for dollars over naira.

SmartProf:

Dollars is a globally acceptable currency. Even Gandollar knows this that's why he went for dollars over naira.

You no go kill person with laughter....

JaneYave:
Why are we like this? COVID 19 that many donations were made,give us more realistic reasons for expenditures.If we must turn to agriculture and really want revenue to come from their,we should also pay attention to processing and marketing of produce to avoid lots of losses.Thank God,we are begining to be reasonable.

That money can not be accounted for!