Minister of Budget and National Planning, Senator Udo Udoma, has sent warning signals to Nigerians to brace up for tough times ahead because of the negative economic and social issues happening across the world.

Udoma spoke at an interactive session with the Senate Committee on Finance and Appropriation, Senator Udoma said that the Federal Government would cut all frivolous expenditure in the 2016 budget and overheads will be reduced by 7%.

Also at the session where the minister of finance, Kemi Adeosun, the minister of state, petroleum resources, Ibe Kachikwu, and the Central Bank Governor, Godwin Emefiele.

Kemi Adeosun, explained how the Federal Government plans to cut recurrent expenditure. She said that in the proposed framework, capital expenditure of 16% in the 2015 budget was raised to 30% in 2016 but with dwindling oil prices, economic analysts have expressed concern about how government intends to fund the 2016 budget

While Kachikwu gave a breakdown of the oil and gas sector, including how much has been spent on petroleum subsidy in 2015.

In the Medium Term Expenditure Framework, the 6.077 trillion naira budget with a revenue target of 3.82 trillion naira, projects a deficit of 2.22 trillion naira and projects that recurrent expenditure would drop from 84% in the 2015 budget to 70% in 2016.

http://nairametrics.com/brace-up-udo-udoma-says-tough-times-are-ahead-for-nigerians/ lalasticlala, dominique, Seun

Noted.

So e never tough

Crude oil price, please go up small nah .. at least till the country gets a plan B!

Raising taxes won't happen, wetin dey to tax?

Hmmmm e Don tough already o

So with N150 per litre for PMS here in PH and they are still talking of hard times. Abi we never hard reach?

modath:

So e never tough

Crude oil price, please go up small nah .. at least till the country gets a plan B!

Raising taxes won't happen, wetin dey to tax?

It means that it will only get tougher as the day goes by. So brace up yourself.

Its high time we diversify the economy and stop relying solely on oil. Agriculture can generate revenue for us if its potentials are tapped maximally.

SMEs should also be encouraged. It beats me that Nigeria still imports toothpicks and the likes.

Our undoing has been our over-reliance on oil and corruption.

But the FG is spending billions of naira in buying new cars for senators and they are still entitled to salaries and allowances that amount to billions of naira. What sort of planning and budgeting will impoverish the poor, but make the rich even richer

The thirst for unbridled imports would reduce. When oil is no longer lucrative, we would diversify by force.

We know that already since apc govt has been sworn-in

We are ready

Get more tough with refugee default setting as these?

Pidggin:
But the FG is spending billions of naira in buying new cars for senators and they are still entitled to salaries and allowances that amount to billions of naira. What sort of planning and budgeting will impoverish the poor, but make the rich even richer

As long as the poor keep mute and PRAY instead of organising coordinated and sustained PROTESTS, they will never be better off.