The federal government has stated that of
the N6.06 trillion that was budgeted for the 2016 fiscal year, it has
spent about N3.577 trillion as at September, 2016.
This, it said translated to a 79 per cent performance recorded by the budget.
In a keynote speech at the KPMG CFO’s
Forum in Lagos yesterday, the Minister of Budget and National Planning,
Senator Udoma Udo Udoma, also revealed that the 2017 Appropriation Bill
was almost ready.
However, the minister who was expected to
speak about the 2017 budget proposal declined making comment on that,
saying it was because the document had not been submitted to the
National Assembly.
“The good news is that it is almost ready,” he said.
“We are almost through with our consultations with the National Assembly on the Medium Term Expenditure Framework, and the outlines of the 2017 Budget, and will soon be submitting it to the National Assembly for their consideration.
“We are almost through with our consultations with the National Assembly on the Medium Term Expenditure Framework, and the outlines of the 2017 Budget, and will soon be submitting it to the National Assembly for their consideration.
“Without giving anything away, I can
assure you that the Budget will be targeted at stimulating private
sector investment. The government believes that it is only by partnering
with the private sector that we can propel the economy out of recession
and onto the path of sustainable growth,” he added.
Commenting further on the 2016 budget,
Udoma said in addition to the total of N2.44 trillion so far released
for capital expenditure, non-debt recurrent and service-wide vote
expenditure, a total of N1.138 trillion had also been paid out in
domestic and foreign debt service expenditures, saying this included the
N44 billion transferred to the Sinking Fund to retire maturing
obligations.
Udoma, disclosed that to date, budget
personnel cost and debt service obligations had been fully met, noting
that, additionally, government has done reasonably well in the
challenging circumstances with respect to capital expenditure.
“It is noteworthy that the total amount
of N753.6bn already released for capital expenditure in 2016 is the
highest in the nation’s recent history, even in the era of high oil
prices.
“Indeed, the capital releases to date
exceed the aggregate capital expenditure budget for 2015 of about
N700billion, inclusive of capital expenditure in statutory transfers.
“Despite fiscal challenges, government is
committed to meeting its debt obligations while funding critical
sectors to enable government to function smoothly, as we continue to
work out lasting solutions to the issues of revenue shortfalls”.
The minister also highlighted the
Nigeria’s Economic Recovery and Growth Plan (NERGP) 2017 -2020, saying
“all these reforms and initiatives, and many more, most of which will be
reflected in the 2017 Budget, are being brought together in a single
document to be called Nigeria’s Economic Recovery and Growth Plan
(NERGP).”
He added that the document would present a
coherent summary of Nigeria’s short and medium term economic plans for
the period 2017-2020, saying by putting government
strategies,directions, policy priorities and intended initiatives in one
place, other stakeholders were better able to take their own strategic
economic decision.
He further disclosed that the NERGP would
focus on five broad areas, namely: macroeconomic policy, economic
diversification and growth drivers, competitiveness, social inclusion
and jobs, and governance and other enablers, assuring that there would
be a major emphasis on implementation and monitoring of the NERGP.
CREDIT: Thisdays
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