A human rights lawyer, Femi Falana (SAN), has told the Federal Government to embark on a campaign to recover the looted wealth of Nigeria to obtain resources to finance the 2020 budget.
Falana made the statement in an interview with Latest Nigeria newspaper in Imota, near Abeokuta on Sunday.
He said the Nigerian government should urgently seek other means of generating funds to complement the 2020 budget N10.33 trillion recently presented by President Muhammadu Buhari.
According to him, the budget of N10.33 billion presented by Buhari was not enough to stimulate the rapid development expected by Nigerians.
“Since the budget breakdown, N2.5 billion have been allocated to debt service; around 70 percent of the balance would be used to pay recurring salaries and expenses, while the remaining 30 percent will hardly be enough for the necessary development projects.
Latest Nigeria newspaper report that The budget is not enough and, therefore, the government must analyze other areas to generate more wealth for the country and embark on a serious impulse to recover the looted wealth.”
According to him, it may also be necessary to increase taxes, but it should not be now that Nigerians face economic difficulties.
However, Falana accused the president and other public office holders of reducing their expenses, trips, and assignments and diverting that money for the country’s development.
Latest Nigeria newspaper report that The legal luminaire also advised the government to desist from adopting any policy that could bring suffering to the masses.
He described the recent increase in value-added tax as inappropriate and said that interest collected on deposits and cash withdrawals should be canceled.
Falana said the government could use other means to foster a cashless economy, including an embargo on the amount of money that will be withdrawn from banks daily, instead of imposing charges.
Latest Nigeria newspaper report that The National Assembly, under the constitution, would have to analyze the VAT if it can be increased,” he said.