Presidency fires back at Atiku over comment on 2019 budget

Presidency fires back at Atiku over comment on 2019 budget

The administration has taken a bash at the presidential aspirant of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, over his remark that the 2019 Appropriation Bill President Muhammadu Buhari exhibited to the National Assembly was an imperfect report.

As indicated by the administration, Atiku’s analysis on deflation is a sign that he does not comprehend the definition of deflation, Vanguard reports.

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Also in an announcement in Abuja by the special counselor to the president on media & publicity, Femi Adesina, the administration said the previous VP’s remark on the financial plan was a low effort at playing to the exhibition.

The announcement read: “Unfortunately, that Atiku Abubakar offered no substantive and useful answer for the recognized substances.”

“Atiku describes the underlying assumptions of the budget as generous, wild and untenable but does not propose alternative assumptions that would have been more appropriate. He argues that the economy is yet to recover from the 2016/2017 recession.”

“Unfortunately, he cannot create his own definition of an economic recession, which is a technical term with a universally applicable meaning.”

“When an economy experiences two consecutive quarters of negative GDP growth, it is said to be in recession and whenever it returns to positive GDP growth of whatever rate, it is said to have exited recession. It is doubtful if he understands the simple meaning of recession.”

“Atiku attributes the sustained accretion to foreign reserves to ‘increases in international prices of Brent Crude and foreign borrowing.’ But he conveniently forgets that under the immediate past federal administration, oil prices were at an all-time high with substantial growth in foreign borrowings, and yet foreign reserves nose-dived from a peak of $62billion to as low as $24bn.”