Nagorik Oikya President Mahmudur Rahman Manna has criticised the proposed national budget for fiscal year 2026�"27, describing it as a “directionless and vast budget” that lacks a clear financing strategy despite being the largest in the country’s history. Reacting to the budget proposal, Manna said there was optimism in the budget but no indication that lessons had been learned from past experiences. He argued that the government had failed to examine the reasons behind repeated revenue shortfalls, rising defaulted loans and the continued influence of market syndicates.
He said the budget’s financing strategy relied heavily on indirect taxation, placing a greater burden on ordinary citizens than direct taxes. According to him, the large fiscal deficit would ultimately affect the public, while increased dependence on bank borrowing could fuel inflation and widen income inequality.
Manna also criticised the continuation of provisions allowing black money to be whitened without scrutiny. He warned that such measures could strengthen the influence of “criminal elements” in the housing sector and push land and flat prices beyond the reach of ordinary people.
He said the proposed budget lacked clear policy direction on improving the revenue-to-GDP ratio, strengthening the banking sector and reducing non-performing loans. He also argued that key issues, including market syndicates and corruption in the power and fuel sectors, had not been adequately addressed.
While noting that allocations for education, health and social protection had increased, Manna said there was no clear operational framework for creating jobs despite repeated references to employment generation.
He further observed that although the budget speaks of moving away from traditional economic approaches, it does not specify how those changes would be implemented. The proposed fiscal framework appears expansionary and aimed at restoring growth after two years of contractionary policy, he said, adding that its success would depend on transparency, efficiency and credible implementation.
Manna acknowledged that the budget contains some positive measures for investors but said their impact would depend on effective execution.
