FG Proposes N8.6trn Budget For 2019

The federal government yesterday indicated that it was targeting a
tighter fiscal plan next year, with a projected budget of N8.65 trillion
in 2019.
This was disclosed the minister of budget and national
planning, Udo Udoma, during a public consultation on the 2019-2021
Medium Term Fiscal Framework and Strategy in Abuja.
The federal
government explained that it would cut the budget from N9.12 trillion in
2018 to N8.65 trillion in 2019. This, it said, is predicated on the
need to ensure prudence, reduce deficit and borrowing while laying
greater emphasis on revenue drive.
The federal government also said
it wanted to reduce the amount of borrowing to finance the nation’s
budget deficit in the proposed 2019 fiscal year.
According to the
government’s 2019-2021 Medium Term Expenditure Framework (MTEF), the
government will cut deficit in the 2019 budget draft from N1.9 trillion
in 2018 to N1.6 trillion in 2019.
LEADERSHIP Friday reports that
there had been calls on the federal government to reduce its borrowing
and pay more attention to internal revenue generation from the non-oil
sector. While approving the federal government’s borrowing request on
Wednesday, the Nigerian Senate re-emphasised the earlier call by the
World Bank and the International Monetary Fund to either halt or slow
down its debt accumulation.

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