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Nairaland Forum / Nairaland / General / Politics / FG Plans N6tn Budget, FEC Approves MTEF (695 Views)
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FG Plans N6tn Budget, FEC Approves MTEF by simongonner: 7:25am On Dec 08, 2015 |
The Federal Executive Council presided over by
President Muhammadu Buhari on Monday
approved the nation’s Medium Term
Expenditure Framework in preparation for the
presentation of the 2016 budget.
The framework sets up government’s economic
plans for the next three years.
The Minister of Budget and National Planning,
Senator Udo Udoma, explained this to State
House correspondents at the end of the
council’s emergency meeting also attended by
Vice President Yemi Osinbajo.
Udoma was joined at the briefing by the
Minister of Information and Culture, Lai
Mohammed; and the Minister of State for
Budget and National Planning, Zaynab Ahmed.
Giving some of the highlights of the approved
MTEF, Udoma said the council agreed on $38
per barrel of oil as benchmark price for the
budget, a figure he said the council considered
to be very conservative.
He also said that the council also agreed to
peg the production of crude oil at 2.2 million
barrels per day for next year.
Udoma said after the approved MTEF would
have been submitted to the National
Assembly, the preparation of the 2016 budget
would be finalised.
He, however, gave a hint that the 2016 budget
would be around N6tn, about N1tn more than
the current budget.
The minister said the increase in the budget
figure would be devoted to capital
expenditure.
Udoma said, “At today’s meeting, the Council
approved the Medium Term Economic
Framework, which sets out the policies of
government over the next three years. It sets
out the fundamental economic underpinning
of the budget.
“The highlights are as follows: we project and
we are working with $38 per barrel crude oil
price. We consider that to be very conservative
but because of the uncertainty, we felt that we
should start with a conservative crude oil
price.
“We are also working with 2.2 million barrels
a day production, saying it is achievable,
particularly with the passage of the Petroleum
Industry Bill, which we are working to achieve.
We believe that that is a modest figure and
that we should be able to produce something
higher than that.”
The minister explained further, “And so next
year, we are looking at an expansionist
budget. We are looking at a budget that will
be N1tn more than last budget. So, we are
looking at a budget of about N6tn.
“This year’s budget, including the
supplementary, was about N5tn. So, we are
looking at a N6tn budget. All the increases
actually will be spent on capital projects,
because there is the need to increase the
capital expenditure because of the
infrastructure issues that we have to address.
“Following from this, the MTEF will be
submitted to the National Assembly and we
expect a feedback from them; thereafter, we
will be working to try and get the budget
finalised. It is when the budget is finalised
that you will really see the details of what we
intend to do. This is just a medium term
economic framework.”
When asked how the Federal Government
intended to fund next year’s budget, Udoma
said the government would increase non-oil
revenue from its agencies and keep down the
recurrent expenditure.
He added that the government would ensure
efficiency from revenue generating agencies
like the Federal Inland Revenue Service,
especially in terms of company income taxes.
Udoma added that at the end, the balance
would be sourced through borrowing and
explained that the government desired a
prudent and credible budget and was,
therefore, projecting 30 per cent of the budget
for capital expenditure.
He said, “We will get the funding from two
sources. We are looking at trying to increasing
our non-oil revenue and we are looking at
trying to get more money from the various
government agencies by policing their
collection and trying to get more money from
them. http://www.punchng.com/?p=13882 |
Re: FG Plans N6tn Budget, FEC Approves MTEF by permsec: 7:26am On Dec 08, 2015 |
What happened to the 8 trillion budget plan? |
Re: FG Plans N6tn Budget, FEC Approves MTEF by IAMTHEHERO: 7:26am On Dec 08, 2015 |
No more 8 trillion. This is the most CONFUSED government Nigeria has ever had. |
Re: FG Plans N6tn Budget, FEC Approves MTEF by IAMTHEHERO: 7:26am On Dec 08, 2015 |
Hmmmmmm |
Re: FG Plans N6tn Budget, FEC Approves MTEF by MKO4ever(m): 7:27am On Dec 08, 2015 |
MTN alone was fined N1.4trillion Guiness, UBA, First bank, Skye bank etc were also heavily penalized So I believe that Government can easily fund its budget of N6trillion through fine and penalties 1 Like |
Re: FG Plans N6tn Budget, FEC Approves MTEF by Nobody: 7:29am On Dec 08, 2015 |
IAMTHEHERO: More reduction still to come. 1 Like |
Re: FG Plans N6tn Budget, FEC Approves MTEF by Bevista: 7:30am On Dec 08, 2015 |
I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective: 2011 Budget Proposed - N4.97Trillion Oil Price Used - $75 Oil Production - 2.3mbbls/day 2012 Budget Proposed - N4.75Trillion Oil Price Used - $70 Oil Production - 2.48mbbls/day 2013 Budget Proposed - N4.98Trillion Oil Price Used - $79 Oil Production - 2.53mbbls/day 2014 Budget Proposed - N4.91Trillion Oil Price Used - $75 Oil Production - 2.39mbbls/day 2015 Budget Proposed - N4.49Trillion Oil Price Used - $53 Oil Production - 2.28mbbls/day 2016 Budget Proposed - N6.0Trillion Oil Price Used - $38 Oil Production - 2.2mbbls/day I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. But how did GEJ, with benchmark oil price of over $75 throughout his term, not be able to come up with a budget of up to N5T? One can say that, had PMB met an oil price of $75, we would be taking about a N10T budget. 1 Like |
Re: FG Plans N6tn Budget, FEC Approves MTEF by SmithEnemona(m): 7:30am On Dec 08, 2015 |
good |
Re: FG Plans N6tn Budget, FEC Approves MTEF by Nobody: 7:31am On Dec 08, 2015 |
from 8trn to 6trn they should provide the 2trn they told out |
Re: FG Plans N6tn Budget, FEC Approves MTEF by simongonner: 7:38am On Dec 08, 2015 |
Bevista:GEJ was /is clueless... |
Re: FG Plans N6tn Budget, FEC Approves MTEF by Meriekriss: 7:43am On Dec 08, 2015 |
Hmmmm. |
Re: FG Plans N6tn Budget, FEC Approves MTEF by Mynd44: 7:44am On Dec 08, 2015 |
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