Newsexpress banner Camano banner
Minister defends 2016 budget, says it’s not padded

By News Express on 21/02/2016

Views: 1,650


The Minister of Information and Culture, Alhaji Lai Mohammed, said on Saturday said that the 2016 budget was not padded because the total figure voted for all ministries had not exceeded N6.08 trillion.

Briefing newsmen in Lagos, he said: “The total for every ministry has remained exactly the same as what was submitted to the National Assembly.

“A lot has been said about the budget. Let make clear that nobody can ever accuse this government of padding any budget.

“The total of all ministries put together has not exceeded N6.08 trillion that was submitted. It is factually incorrect to say that the budget was padded.

“This is the first time in the history of this country that a government will embark what is called zero based budget.

“Before now, the budget system was what was called an enveloped system. In an envelope system, there is no justification as to why we need N30 billion for a structure.”

“This year, we decide that every ministry must have a zero based budget. In other word, you must justify and explain why you need N100 billion.

“This is very good system, the soft ware for it was also very different. The personnel were not used to it.”

“Now, in the process we got to National Assembly. What the ministers do is to have a broad overview of the budget. The template used by the Budget Office is uniform for all ministers.”

The minister also said exports, balance of trade, Gross Domestic Product were responsible for currency appreciation and depreciation.

“Before now we use to sell crude for about 100 dollar per barrel which means if we produce two million barrels per day, you have something in the region of 200 million dollar less the expenditure of production and others.

“But today for the same two million barrels, you have less than 60 million dollar less the cost of production.”

“Clearly if your major source of exchange is crude and it has gone down from 100 per cent, you have lost 70 per cent of your source.

“Secondly, if your balance of trade is surplus, in other word, if you export more than you import, then you are going to have less money to settle other countries.

“What the government is doing is to ensure that the little resources we have are properly managed. Part of decision we took was Treasury Single Account.

“Others include blocking all sort form of corruption and diversify economy so that we can get foreign exchange for other sources.” (NAN)

•Photo shows Lai Mohammed.

Source News Express

Posted 21/02/2016 05:46:04 AM

 

 

CLASSIFIED ADS

 

You may also like...
NYSC releases requirements for 2018 Batch ‘A’ camp...

Akwa Ibom Govt. declares today work-free to mark...

N3.5m monthly feeding budget: FG lied; El-Zakzaky feeding...

7 arrested over illegal mining in Osun

UTME: JAMB registers over 300,000 in 7 days...

Twist in the tale: We don’t know where...

ECOWAS to strengthen collaboration with US on risk...

Why Alex Otti is a better choice for...

Kolade Johnson: Sanwo-Olu visits family, assures of justice...

Lawyer clears Akpabio’s media aide of sexual harassment,...

IPOB writes schools, demands teaching of Biafra history...

Military, LASG give truck drivers 48 hours to...

 

Latest News Jihadists kill Nigerian soldier, injure others Governors kick against LGs’ financial autonomy, write Buhari Ortom sanctions traditional ruler over threats to Cameroonian refugees Online Publishers faults attack on Delta Information Commissioner using the Forum’s programme “Frontline” Kidnappers kill Igbinedion University lecturer Students desert hostels in Imo over alleged police crackdown, extortion CAN Presidency: TEKAN leader joins race, says he is God’s choice •Set to slug it out with Ayokunle May 29: Ex-presidential aspirants, others threaten to boycott Buhari’s inauguration Boko Haram attacks Borno community, carts away food, provisions Nigerian doctor wins “Brain Tumor Research” award in U.S FG disburses N12.7bn to 3 health agencies Gov. Ajimobi restores 100 per cent state’s tertiary institutions’ subventions

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (480,289 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (419,491 views) Shameless Genevieve Nnaji exposes breasts in public (357,977 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (306,069 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (270,375 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,334 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,251 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (210,975 views) 10 cars more expensive than Jets (202,329 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,245 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,313 views) Lagos plane crash: Journalist releases victims’ names (181,261 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,268) Business Verdict (71) Columnists (1,031) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (613) Features (752) Global Business Monitor (362) ICT Monitor (43) International (3,462) Interview (179) Live Commentary (29) Love Matters (161) Maggie's Blog (268) News (46,321) Opinion (1,242) Pidgin (17) Politics (10,798) Religion (1,003) Sports (2,007) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera