Economic Challenges Can’t Undermine My Achievements, Buhari Says During 2023 Budget Presentation

President Muhammadu Buhari has said that his achievements in the last seven years cannot be undermined by the current economic crisis faced in the country.

Buhari said this on Friday when he presented the 2023 Budget to a joint session of the National Assembly.

Buhari said this following mounting criticisms on the country’s current economic challenges.

Inflation of 20.52 per cent has eroded the N30,000 minimum wage approved by the administration, unemployment is at 33.33 per cent, while standard of living has deteriorated.

The World Bank said that by the end of 2022, poverty level will rise by 95.1 million.

Buhari said, “Let me highlight some of the progress that we have made in the last seven and half years. Just two important areas of critical infrastructure and good governance. We made transformational investments in infrastructure notably establishing the Infrastructure Corporation of Nigeria in 2021 with a seed capital of N1trn from the CBN, the Nigerian Sovereign Investments Authority and the Africa Finance Corporation to facilitate the completion of the Second Nigeria Bridge, Lagos Ibadan Express Way and the Abuja, Kano Road.

“Through the Road Infrastructure Tax Credit Scheme, according to Executive Order No. 7 of 2019, responsible companies invested billions of naira in constructing over 1500km critical roads in key economic corridors.

“Under the scheme, the Dangote Group has successful completed the reconstruction of 34km Apapa- Ojota express way and the 43km Obajana-Kaba Road. Similarly, Nigerian LNG Ltd is on track to complete the 38KM Bodo-Bonny Road and bridges projects by the end of 2023.”

According to him, success have been recorded on rail projects.

According to him, his administration has enacted critical and financial laws to enhance Nigeria’s global competitiveness.

He also said his administration established the Federal Competition and Consumer Protection Commission to punish anti-competition acts by corporates.

Buhari said, “The 2023 budget was prepared amidst strong economic challenges with the effect of the Corona virus, high inflation, high crude oil prices, huge cost of fuel subsidies and the negative spill over effect of the Russia-Ukraine conflict.”