Business
2016 Budget:FG Sure Of Meeting Revenue Targets

United Nations High Commissioner For Refugees (UNHCR), Head of Field Unit in Makurdi, Mr Sam Agwa (left), with the UNHCR representative to Nigeria and ECOWAS, Mrs Angele Dikongue, during an inspection visit to the UNHCR 200 Room-Shelter Support Project for internally displaced persons in Guma Local Government Area of Benue, recently.
The Minister of State for
Budget and National Planning, Hajiya Zainab Ahmed, yesterday said that the Federal Government would achieve its revenue projections to finance the 2016 budget.
Ahmed gave the assurance in Kaduna at a Town Hall Meeting, organised by the Ministry of Information and Culture to commemorate one-year in office of the President Muhammadu Buhari led-administration.
“We know there is a lot of pessimism about the very ambitious revenue projection in the 2016 budget, planned on oil bench-mark of 38 dollar per barrel.
“However, with the current oil price of 46 dollars per barrel, the Federal Government is very much optimistic that the revenue target will be largely achieved, “she said.
The minister said that the ministry had put in place several measures to ensure cost efficiency in management of government resources.
“We have a unit that scrutinises government expenditure to make sure that there is no wastage.
“We equally have a very robust implementation plan that interacts with Ministries, Departments and Agencies (MDAs) on monthly basis to find out capital development projects that they need resources to implement.
“We allocate the resources only on the assurance that the projects will be actually undertaken.
“We also hope to intensify the implementation of the public financial management reform in various MDAs to boost revenue and cut wastage, “she added.
Ahmed said that the current administration’s zero budgeting was facing some challenges, adding that efforts are on to address problems and harness the full benefits of the system.
She said that the Federal Executive Council had approved 34 priority projects and programmes in six sectors which would be delivered unfailingly.
The minister also said that the administration had taken measures to ensure that Nigeria achieved stable and predictable foreign exchange regime in the next one year.
“We also have a target to ensure a single digit interest rate for lending to the productive sector of the economy.
“The ministry of agriculture is also leading a process to attain sufficiency in rice production by 2018, and equally revamp and expand agro-allied processing to boost production of cash crops.
“Similarly, a road map is being developed to increase private sector investment in tourism, entertainment and sports which would be rolled out in the next 12 months”.
Ahmed also said that the Ministry of Trade and Investment had made a commitment to move the country 20 places up on the ease of doing businesses index, to attract more foreign direct investment into the country.