Constitutional lawyer, Femi Falana (SAN) has advised the Federal Government to embark on a drive to recover Nigeria’s looted wealth to garner resources to fund the 2020 budget.
Speaking with the News Agency of Nigeria (NAN) at Imota, near Abeokuta on Sunday, the human right lawyer said the Federal Government must urgently seek other means of generating funds to complement the N10.33 trillion 2020 budget recently unveiled by President Muhammadu Buhari.
Falana who further stated that the N10.33 trillion budget presented by President Buhari cannot stimulate the rapid development expected by Nigerians.
“From the budget breakdown, N2.5 trillion has been earmarked to service debt; about 70 percent of the balance would go for paying salaries and recurrent expenditure while the remaining 30 percent will hardly be enough for necessary developmental projects.
“The budget is not sufficient and so the government must look at other areas to generate more wealth for the country and embark on a serious drive to recover looted wealth,” he said,
The legal luminary suggested an increase in tax but it should not be now that Nigerians are facing economic hardships, but however, charged the president and other public office holders to cut down their expenditures, travelling and allowances, adding that such money can be diverted towards developing the country.
The legal luminary also advised the government to desist from adopting any policy that could bring suffering to the masses.
While describing the recent increment on value-added tax as ill-timed, Falana said the interest levied on cash deposits and withdrawals should be cancelled.
He mentioned other means that can be used to foster a cashless economy to include placing an embargo on the amount of money to be withdrawn from banks daily, rather than imposing charges.
“The National Assembly by virtue of the constitution would have to look at VAT whether it can be increased or not,” he said.