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Buhari’s budget presentation dismissed as unfeasible

15 December 2016, 09:47

Abuja - A global markets watcher has criticised the 2017 budget President Muhammadu Buhari presented on Wednesday as unrealistic.

Rand Merchant Bank, the South African based financial firm, said the budget seemed “overly ambitious” in its targets.

“Our biggest concern with the budget is underlying assumptions,” said RMB in its global markets update on Thursday.

Also read:Full speech of President Buhari’s 2017 budget presentation

It said firstly, the budget assumed an exchange rate of US$/NGN305, which points to the reluctance of the authorities to relax the foreign exchange restrictions.

Secondly, RMB stated, the budget assumes oil production level of 2.2 million barrels per day, seems “too optimistic” considering the debilitating impact that the Niger Delta Avengers has had on oil infrastructure.

The financial house said at this stage, it was hard to see a speedy resolution to the conflict, which would see production increase to the levels assumed by the budget.

- CAJ News


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