Lagos - Economists view inflation as the number 1 enemy to Nigerians in 2016, as the National Assembly passed the new 2016 budget for the President to sign into law, Vanguard reports.
With the signing of the new budget, the Buhari administration can now be assessed in accordance to the new economic guidelines. Economists believe that although the new guidelines were put in place to do good, it could have far reaching implications for Nigerians as the cost of goods and services are set to increase.
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The National Assembly admitted that the new budget was riddled with errors, however these errors could not be rectified as it would further delay the President signing it into law. The main focuses of the budget is to invest a significant amount of funds into the development of infrastructure. However the primary focus of the budget is to put money into the hands of Nigerians, which would encourage more to spend, which in turn would benefit the liquidation of funds, which in turn would boost the economy.
The increase in the price of goods though would eventually lead to agitation from the public, in demanding a review in wages.
For more on this story, visit Vanguard.
- News 24