08-24-2018, 09:53 AM
The federal government has hinted that President Muhammadu Buhari will present the 2019 budget to the National Assembly when the legislature reconvenes in September.
Minister of State for Budget and National Planning, Zainab Ahmed, explained that this was to restore the January to December budget cycle.
“Our aspirations is that we want to meet the requirements of the law to submit it by September but as you know the National assembly is itself away on recess and they resume by September”, she told Daily Trust.
The Minister disclosed that the N1.56 trillion spent by the federal government on capital projects was the highest amount ever spent on capital projects in the history of Nigeria.
According to her, the federal government released 60 per cent of the total N2.2 trillion budgeted for capital projects in 2017, the highest value ever.
The Minister said the 2017 budget did well as the country executed 100 per cent of the personnel component, ensuring that salaries and pensions were paid, including pension arrears.
Ahmed noted that despite the fact that production did not go up to the 2.3 million barrels per day projected for the year, oil and gas sector revenue hit 95 per cent largely due to increase in oil price in the international market.
“Non-oil revenue performance was not as high as we had expected.
“Because of the recession, a lot of businesses were struggling and couldn’t perform as they should and getting taxes will be as a result of the profit declared by companies.
“Taxes collected are also indicative of the performance of businesses in the economy,” the Minister said.