An economic expert, Uche Uwaleke, on
Wednesday expressed concern over the
proposed oil production of 2.2 million barrels
per day in 2016, saying the projection might
not be feasible.
Mr. Uwaleke, a professor, said in an interview
with the News Agency of Nigeria (NAN) in
Abuja that the country might not be able to
meet the production target.
“So for the output, we would have gone for
something that is a little beat lower,” he said.
On the government’s plans to spend more on
capital projects, the expert said it was
necessary, considering the state of the
country’s economy.
“As a developing country, we need to spend
more on capital projects because that is the
only way we can grow the economy, so it is a
welcomed idea,” Mr. Uwaleke said.
He praised the pledge by the Federal Inland
Revenue Service, FIRS, and the Nigeria
Customs Service to generate up to N4 trillion
for the economy.
According to him, if this is achieved, the
government would be able to generate its fund
from the non-oil sector as proposed in the
2016 budget.
He further commended the efforts by the
ministry of Budget and National Planning to
provide a workable budget proposal for the
country.
Mr. Uwaleke said the proposed N6 trillion
budget for 2016 by the Federal Government
was commendable and very realistic.
“The decision is in order and the amount will
go a long way at resolving most of the issues in
the country,” he added.
He said the oil bench mark of 38 dollar per
barrel was the least the country had had so far,
adding that there was every indication that it
could be achieved.
“It has been well analysed that oil will not drop
further, that is below 38 dollar per barrel in the near future.
“I believe the proposal is realistic. Right now it is about 40
dollar per barrel, the supplementary bench mark was 48 dollar,
so I think a low reference is realistic,” he said.
The Minister of Budget and National Planning, Udoma
Udoma, had said the federal government was proposing a
budget of N6trillion with a 38 dollars oil benchmark.
The minister said the proposal was contained in the Medium
Term Expenditure Framework, MTEF, approved by the Federal
Executive Council.
Mr. Udoma said the funding for the budget would come from
earnings from the non-oil sector and most of the increases
would be spent on capital projects.

www.premiumtimesng.com/news/more-news/194933-buharis-projection-of-2-2m-barrel-per-day-not-feasible-expert.html

Buhari no get sense ni! Can't he see that oil is a thing of the past. Why won't he look for another source of revenue for this country?


Chai I forget say buhari no get sense sef.

csamii:
Buhari no get sense ni! Can't he see that oil is a thing of the past. Why won't he look for another source of revenue for this country?


Chai I forget say buhari no get sense sef.

I tire o

csamii:
Buhari no get sense ni! Can't he see that oil is a thing of the past. Why won't he look for another source of revenue for this country?


Chai I forget say buhari no get sense sef.

maybe you think governance is childs play. do you think the economy can be diversified in the short term? so before the diversification we shouldn't be making oil money abi? oil is not a thing of the past, oil price will still rise in the coming years. even before other sectors like Agriculture and mining are buoyed up.

LOW CRUDE OIL PRICE, LOW CRUDE OIL PRODUCTION, I THINK GOD NEEDS TO RESTART THIS COUNTRY ALL OVER AGAIN...