Minister assures of quick enactment of 2016 budget

Posted by News Express | 19 February 2016 | 2,987 times

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The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Thursday assured Nigerians of quick enactment of 2016 by the government.

The minister said that measures were being put in place by government to resolve all pending issues delaying the passage of the budget at the National Assembly.

He gave the assurance during his meeting with the State Commissioners of Economic Planning and Chief Executives of state Planning Commissions in Abuja.

“Nigerians should have faith and confidence; we are working at the National Assembly to resolve all issues; we are making very good progress and the budget will be passed soon.”

According to him, the budget is well crafted and well cut out with a sole purpose of reviving the economy.

Udo Udoma said the budget was structured more on non-oil revenue, adding that this was the first budget that would be funded more from non-oil revenue.

“We have resources which we need to harvest; we have agencies of government that generate revenues which are not being captured.

“We have in addition, many people who do not pay their taxes, so we want to increase tax collection.

“We want to try and get more people to pay their taxes; also we want to block all leakages because there are many leakages in the system.

“So, by blocking leakages, by getting all the excess revenues and harvesting them, it is through these ways that we intend to fund the budget.”

He said that there was a funding gap, hence the government had to borrow to bridge the gap.

Udo Udoma said that it was important to revive the state of the country’s economy, adding that “we cannot afford to allow the economy to come to crumble.”

“We have to revive it and the typical way you revive an economy is that you do a major capital spending, harvest your resources and also borrow.”

Earlier, Dr Adeyemi Dipeolu, the Special Adviser to the Vice President on Economic matters, said planning and budgeting functions were very important in the development process of any economy.

Dipeolu said that this was essential as it helped to bring about togetherness, coordination, harmonisation, strategic increase and uncommon objective in an economy.

He expressed optimism that the forum would engender progress in the direction of state of the country’s economy.

Dipeolu called for active participation of all stakeholders in providing favourable environment for successful transformation and progress of the Nigerian economy.

Dr. Othman Ibrahim, the Commissioner of Budget and Planning in Nassarawa State, also urged all stakeholders to put to practice all the deliberations at the meeting.

The event was attended by commissioners, permanent secretaries and representatives of various states of the federation. (NAN)

•Photo shows Mr Udoma.

Source: News Express

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