The high cost of governance - This Anomaly Must Stop!!!
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- Category: Opinions/Interviews
- Published on Thursday, 10 February 2011 11:05
- Written by Admin
- Hits: 1808
Nigeria is a cow everybody is milking & nobody is feeding. Thanks to Lamido Sanusi, nobody is in doubt of the damages the political class are inflicting on the economy. According to him, the National Assembly consumes 25 per cent of the government’s recurrent expenditure.
Our findings shows that this anomaly extends far beyond the political class, it cuts across all government institutions.
In 2010, the Central bank of Nigeria (CBN) had N303b budgeted as follows: Capacity building N76.7b, Staff N55.5b, Administrative cost N29.9b, Currency Management N49.2b, Liquidity Management N37.9b, Depreciation N11b, Provision N38b, Capital N63.5b... In the same year, in all, the Bank of England budgeted £275m (68b) and the US Federal Reserve had a total budget of $2.19b (N335b). Globally, CBN's N303 budget was only next to US Fed. budget of N335b in the year when Nigeria's GDP was only $370b compared to USA's $14,720b ($14.7 trillion)
THIS MUST STOP!!!
Sources
Bank Of England Budget: http://www.bankofengland.co.uk/publications/annualreport/2009/financialreview2009.pdf
US Federal Reserve Budget: http://www.federalreserve.gov/generalinfo/foia/2010BoardBudget.pdf
CBN budget: http://news2.onlinenigeria.com/headlines/59324-Fat-cat-budget-Sanusi-stand-figures.html
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