Budget impasse grounds businesses

Posted by News Express | 13 February 2016 | 3,117 times

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As controversy continues to trail this year’s budget proposal submitted to the National Assembly for approval by President Muhammadu Buhari, especially regarding the padding of some appropriations, the Nigerian economy appears to be grinding to a halt, a report this morning in The Guardian said.

It said that the cost of items is rising, “amidst biting cash crunch and unfavourable foreign exchange (forex).”

“While most Nigerians complain of cash squeeze and importers suffer forex scarcity, the non-passage and indeed impasse over the Appropriation Bill (Budget Proposal) and indefinite adjournment of proceedings by the National Assembly (NASS) is adding to the anxiety,” the authoritative newspaper said.

“Already, some businesses are either shutting down or downsizing to remain afloat, with none contemplating any pay rise for workers at the moment,” The Guardian reported.

It lamented that “Nigerians had expected a relief from the quick passage of the budget to free the cash crunch, but the current scenario is complicating things for Nigerians and businesses alike.”

•Photo shows Budget Minister Udo Udoma.

Source: News Express

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