FG Plans To Fund 2016 Budget With Non-oil Receipt – Planning Minister | Independent Newspapers Limited
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FG Plans To Fund 2016 Budget With Non-oil Receipt – Planning Minister

Posted: Feb 2, 2016 at 12:46 pm   /   by   /   comments (0)

By Chibuzor Emejor

Federal Government on Monday announced that 2016 Budget would be funded through proceeds from the non-oil sector of the economy.
Minister of Budget and National Planning, Senator Udoma Udo Udoma stated this in Abuja when the Senate Committee on National Planning paid an oversight visit to the Ministry.

According to Udoma, “As we all know, these are tough times for Nigeria, It is challenging time but this can also be an opportunity to move away from dependence on oil.

“I believe we can get there, we must look at internally generated revenue and this is what we have started doing. The 2016 budget is in fact not funded with crude oil receipt.”

“The 2016 budget in fact, principally is not funded from crude oil receipt because as you know, we used $38 dollars as bench mark, even as that price is currently being threatened.

“So, 2016 is the beginning of that journey. But over the next three or four years, we hope to achieve a shift in the way we fund the budget, shift away from crude oil to use local generated resources from agencies of government. And I believe this is achievable.”

He said in de-emphasizing on proceeds from oil, the present government only set a target of N820? billion as revenue from the oil sector while it hopes to rake in N1.45 trillion from the non-oil sector and N1.51 trillion expected as independent revenue from government agencies.

The minister ?also expressed Federal Government’s readiness to make a shift from the old ways of sourcing funds for government, adding that Ministers of various ministries have been mandated to look inward and generate funds through public-private partnership to fund some of the infrastructural projects.
Also speaking, the Minister of State for Budget and National Planning, Zainab Ahmed, said the   ministry plans to update Nigeria’s Vision 20:2020 agenda with a view to taking account of development priorities and Change Agenda of the current administration.

This, Ahmed explained was to “the country’s long term development Agenda align with the Sustainable Development Goals [SDGs][2016—2030].”
She urged members of the committee to help in the quick passage of Bill on Development Planning and Project Continuity submitted to the National Assembly two years ago as well as the National Council on Management Development (NCMD) Amendment act which has passed second reading.
Chairman of the Senate Committee on Planning and former governor of Kano State, Rabiu Musa Kwankwazo expressed the willingness of the Senate to collaborate with the ministry and fast track the passage of the necessary bills that would enhance the growth of the ministry.