Nigeria To Present N8.6trn For 2019 As Udoma Speaks On Budget Calendar

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Nigeria To Present N8.6trn For 2019 As Udoma Speaks On Budget Calendar

Nigeria’s Minister of Budget and National Planning, Udoma Udo Udoma, has casted doubt over the returning of the country’s budgeting cycle to the traditional January to December calendar any time soon.

Bear in mind that the Muhammadu Buhari government had promised this during the campaign.

But the minister is reported to have said that he does not see the administration achieving that feat in the 2019 appropriation yet to be presented by mid-October.

Udoma said this in Abuja while unveiling the projections of the Medium Term Expenditure Framework (MTEF) and Policy Strategy Paper (PSP) for 2019 to 2021 to an audience, comprising the organised private sector, media and civil society organisations.

The minister revealed that the executive arm of would present N8.651 trillion for 2019 against the current N9.12 trillion fiscal document, citing low revenue.

The minister disclosed that the budget will be anchored on 2.3 million barrels per day (mbpd) oil production based a $60 per barrel benchmark.

The budget is also predicated on an exchange rate of N305 per dollar, 9.98 per cent inflation rate and N139.65 tillion nominal gross domestic product (GDP).

He doubted if the National Assembly could treat the proposal expeditiously in view of the electioneering era.

The minister noted: “It might be difficult for this particular budget (2019) to do the January to December life cycle because of the electioneering year. It might be difficult for the National Assembly to do that now.”

The current budget was approved around late May this year and signed into law by the president mid June.

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Source: New feed2