Fidelity bank banner UBA banner
2017 Budget ready by October

By News Express on 26/07/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,175


Mr. Udoma Udo-Udoma, Nigeria’s Minister of Budget and National Planning, has said the 2017-2019 Medium Term Expenditure Framework would be ready and submitted to the National Assembly for consideration by October 2016.

Udo-Udoma said this in Abuja on Monday at a forum with civil society groups and the organised private sector on the 2017-2019 Medium Term Expenditure Framework.

He also said the Federal Government had expended N2.1 trillion out of the N6.06 trillion approved budget for 2016 while only N253 billion of the N1.8 trillion earmarked capital projects had been spent so far.

“Demand and supply factors are expected to keep crude oil prices low in the medium term, compared to the period prior to mid-2014.

“We are considering a conservative oil price benchmark of $42.5 per barrel for 2017, $45 per barrel in 2018 and $50 per barrel in 2019.

“We estimate oil production to be 2.2 million barrels per day for 2017; 2.3 million barrels per day in 2018 and 2.4 million barrels per day for 2019.

“We have pegged exchange rate for 2017, 2018 and 2019 at N290 to a dollar.”

On the revenue projection for the 2017-2019 MTEF, the minister said, “A significant increase in non-oil revenue receipts is projected due to a gradually recovering domestic economy and government’s expected improvement in FIRS tax collection efforts.

“Company Income Tax is projected to increase from N1.79 trillion in 2016 to over N1.86 trillion in 2017 and beyond.

“VAT collections to increase by about 42.4 per cent 2017. Operating surpluses projection have been moderated downwards for 2017 and thereafter a modest growth.

“Customs collections are projected to moderated downwards for 2017 and thereafter a modest growth.”

Udo-Udoma said recovered of misappropriated and looted funds would also form part of their anticipated revenue for the years to come. (Independent)

•Photo shows Udo-Udoma.

Source News Express

Posted 26/07/2016 04:52:36 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Weatherman forecasts cloudy day with prospects of localised...

Recession: EU advises Nigeria to devalue Naira

Rights group condemns military invasion of Plateau community...

Gov Ishaku, Taraba and PDP primaries, By Emmanuel...

IPOB faction clears the air •Mobilises support for...

FG directs ministry to improve Nigeria’s ease of...

Fayose gets N8.8b Paris loan refund

2019: Kano APC endorses Buhari for second term...

2015: North now leads South with 9 million...

NANS threaten mass action against Giwa FC, says...

Gov. Aregbesola loses mother

College of Education Registrar dismisses report, says students...

 

Latest News EFCC lists 22 witnesses to testify against Fayose IPOB reveals Nnamdi Kanu’s position on 2019 Presidential election Boko Haram sacks two communities in Borno Ministry releases details of billions spent on 292 water projects in 7 years 45 Nigerian firms flaunt potential at SNEPCo exhibition 2019: Arewa youths threaten to stop Atiku over Fani-Kayode, Nnamdi Kanu Minimum Wage: NLC threatens to embark on fresh industrial action on November 6 I will contest in 2019, says Shehu Sani Don’t disenfranchise Zamfara electorate, CLO tells INEC •Urges Buhari to call Oshiomhole to order Wike an Action Governor — Prof. Gidado Buhari set to visit Seme border Police arrests drug store operator for murder in Borno

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (408,421 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,312 views) Shameless Genevieve Nnaji exposes breasts in public (315,724 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,729 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (238,169 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,848 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,665 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (186,082 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,925 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,223 views) Lagos plane crash: Journalist releases victims’ names (161,911 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,624 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (70) Business & Economy (3,701) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (561) Features (660) Global Business Monitor (304) International (2,559) Interview (165) Live Commentary (28) Love Matters (145) News (39,805) Opinion (1,126) Pidgin (13) Politics (7,325) Religion (883) Sports (1,738) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement