Minister of Budget and National Planning, Senator Udoma Udo Udoma, on Monday promised that government will strive to increase revenues so as to be able to fund the Budget.
The Minister who was speaking at the 2017 budget breakdown session said although certain developments affected the realization of projected government revenue last year, the administration is working hard to ensure increase in revenues to fund the 2017 budget.
“In terms of implementation of the Budget, we are making strenuous efforts to find the resources required. We are challenging our revenue generating agencies, particularly the Federal Inland Revenue Service (FIRS) and Customs, to improve their efficiencies and broaden their reach so as to achieve the targets set for them in the 2017 Budget,” he explained.
He added that government will strive to maximize the revenues it can generate from the oil and gas sector as it is clear that the foreign exchange generated from the sector is critical for government’s plans to diversify to the non-oil sectors.
As government is introducing measures to improve on the efficiencies in that sector to increase Government’s take, the Minister said “we are also engaging more extensively with the communities and people of the Niger Delta to minimize disruptions to oil production”.
Udoma said 2017 budget was designed at a critical time when the economy was experiencing contraction in growth (-2.06% in Q1 2016, now -0.52% in Q1 2017), insurgency and Insecurity parts of the North East, crude oil theft and pipeline vandalisation, foreign Exchange (FX) scarcity and Exchange rate tension.
External reserves were down to US$26.59 billion in May 2016 but now about US$30.28 billion, high Unemployment rate (from 13.9% as at Q3 2016 to 14.2% in Q4 2016), and inflation (18.55% as at December 2016, 16.25% as at May 2017), he added.
He explained that the 2017 Budget reflects “our fiscal plan to restore the economy to the path of sustainable and inclusive growth, the specific goals and targets of which are set out in the 2017 – 2020 Economic Recovery and Growth Plan (ERGP)”.
Also speaking at the event, the Director General of the Budget Office, Mr Ben Akabueze, said government is determined to bridge the gap between citizens and government by the measures being taken to promote greater transparency and accountability in the entire budget framework.
“Our membership of the Open Government Partnership (OGP) has strengthened our resolve to enhance stronger citizen engagement and improved public service delivery.”
Mr Akabueze disclosed that the Budget Office is implementing a Citizen’s Portal on its website to enhance citizens’ participation across the entire budget cycle. In addition, a dedicated hotline for citizens with queries or questions on the budget is also being activated.
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