Fidelity bank card banner Camano banner
Minister defends 2016 budget, says it’s not padded

By News Express on 21/02/2016

Views: 1,699


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...
Bank of Industry, Export-Import Bank of China sign...

Dubai to build the world’s tallest tower, beating...

Maritime: Nigeria is long overdue for national fleet...

I’m ‘glad Nelson Mandela is dead’ —Bishop Desmond...

Don’t scuttle May 29 handover, set Nigeria ablaze,...

Odinga rejects Kenyatta’s re-election as Kenya’s President, vows...

Port Harcourt Convention: PDP's foretold waterloo? By Kelechi...

Atletico Madrid name squad for Super Eagles friendly...

N30 trillion revenue scam: Senate to hand over...

FG assures on 2nd Niger Bridge, Enugu/Onitsha expressway...

Abia Governor bans use of fireworks during Christmas,...

Buhari condemns global violence, calls for world peace...

 

Latest News BREAKING: Algeria stun Senegal, win 2019 AFCON Special Forces eliminate Boko Haram fighters in commando style, nab 6 terrorist Commanders Four policemen dismissed for alleged cover-up Passengers panic as man climbs departing aircraft at Lagos Airport Nigeria, 3 others launch $100m anti-Boko Haram fund Okorocha warns Ihedioha over N100bn claim One dead, six missing after attack on aid workers in Borno Why Bayelsa with 8, Kano 44 LGs have equal senators – Buhari Fake beggars nabbed and paraded in Anambra CBN to partner state governments on livestock, dairy production Don’t let El-Zakzaky, Dasuki die in detention, HURIWA pleads with world leaders •Blasts IGP for restricting public protests Gbajabiamila has schemed my people out of his appointments, Ebonyi APC chieftain cries out

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (509,909 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,525 views) Shameless Genevieve Nnaji exposes breasts in public (373,468 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,727 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,468 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,201 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,258 views) 10 cars more expensive than Jets (223,726 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,223 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,778 views) Lagos plane crash: Journalist releases victims’ names (188,358 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,982 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,357) Business Verdict (76) Columnists (1,074) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (779) Global Business Monitor (396) ICT Monitor (53) International (3,723) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (342) News (48,821) Opinion (1,291) Pidgin (17) Politics (11,169) Religion (1,051) Sports (2,102) 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