Vice Chairman, Senate Committee on Capital Market, Binos Yaroe, has said that the present regime under President Muhammadu Buhari is encouraging official corruption.
Senator Yaroe made the remarks in Yola, Adamawa, on Monday, adding that the 2020 budget is a mere budget of consumption and not national development.
He questioned the integrity of the Buhari regime, predicating his concerns on the current dual exchange rate, which he said the present government was encouraging.
He said, “My concern is the dual exchange rate regime that this government is encouraging.
“They are using N305 rate for revenue sharing among the three tiers of government. That is not fair, we all know that the dollar sells for N360.
“If a state government wants to buy dollars for whatever purpose, they have to pay N360.
“But the few people who have access to the official rate of N305, would turn round and sell it at N360, making about N55 in the process. So this government is continuing to encourage official corruption.”
On the budget estimate, the senator faulted the general structure, lamenting that the N8.14trn revenue estimate was below the N10.33trn expenditure estimate.
He added, “You can see that by this estimation we are already projecting to consume more than we can earn.
“It means they have to borrow to bridge the gap.
“By this, they are mortgaging the future because if you borrow to consume, it means there will be no production.”