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FG - How We Plan To Fund 2018 Budget by alexpombo4: 4:03pm On Nov 16, 2017 |
Udoma Udoma, Minister of Budget and
National Planning, has on Tuesday revealed
the Federal Government plans to fund the
2018 budget.
President Muhammadu Buhari presented
N8.6 trillion ‘Budget of Consolidation,’
proposal to a joint session of the National
Assembly for approval for the 2018 fiscal
year.
Udoma, while explaining the budget details,
said that the government realised that
inadequate revenue was the greatest
challenge it was facing in its effort to deliver
service to the people.
“Government’s focus is to maximize the use
of revenues from the oil sector and spend in
the non-oil sector, to get the non-oil sector
driving the economy. Once government
revenue is up, the debt service ratio to the
GDP would come down. More money would
become available for infrastructure to better
the life of the people,” the minister said.
“Oil is a wasting asset. This is the time to
maximize our revenues from oil and spend
them in the non-oil sector.
“That is basically the strategy of the ERGP
(Economic Recovery & Growth Plan) and
government’s plan in the 2018 budget,” he
said.
Other strategies to boost revenue, he said,
include deployment of new technology to
improve revenue collections; encourage
tighter performance on management of fiscal
framework for state-owned enterprises, and
stronger enforcement action against tax
defaulters.
“Apart from the tax amnesty programme by
the Federal Inland Revenue Service, FIRS, to
encourage voluntary payment of tax by
Nigerians, the minister said government has
adopted other key reform policies to realize
its revenue target.
“They include new funding mechanisms for
joint venture operations in the oil and gas
industry to allow for cost recovery in lieu of
cash call payments, which constrained new
investment in the oil sector”, he added.
The Minister also said while reviewing 2017
budget, revenues performed at almost set
targets, with oil revenue averaging N1.6
trillion from the N1.9 trillion target as at the
end of the third quarter of the year.
“Government, through the Ministry of
Finance, is looking at the possibility of
carrying out an amendment of the Fiscal
Responsibility Act, FRA, to ensure that they
remitted the percentage of their revenue
surplus, as required by law. Government is
determined to work harder to achieve its
revenue targets in 2018,” Mr. Udoma said.
http://www.joy9ja.com.ng/2017/11/fg-how-we-plan-to-fund-2018-budget.html?m=1 |
Re: FG - How We Plan To Fund 2018 Budget by CROWNWEALTH019(m): 4:04pm On Nov 16, 2017 |
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