NewsExpress banner First Bank Fashion Souk Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

FG blames N’Assembly for delay in 2019 Budget presentation

By Shola Oyeyipo, Abuja on 13/12/2018

Gmail icon

Views: 660

• Minister of Budget and National Planning Udoma Udoma
• Minister of Budget and National Planning Udoma Udoma

The federal government has placed the blame for the delay in the presentation of the 2019 budget by President Muhammadu Buhari at the doorstep of the National Assembly.

This was the position expressed by the Minister of Budget and National Planning Udoma Udoma, who briefed State House Correspondents after Wednesday’s Federal Executive Council (FEC) meeting in company with the Minister of Information and Culture, Alhaji Lai Mohammed, and Minister of Transport, Hon. Rotimi Amaechi.

Udoma said the budget is ready for presentation and that the council has been waiting for the National Assembly to give a date for the presentation.

He also said that N7.13 billion has been approved for six companies to protect six sections of the nation’s waterways.

Speaking on the budget, he said: “As you already know, the budget is ready. We are liaising with the National Assembly because they are to give us a date. If they say today, we will go. The budget is ready.”

As at October 24, FEC had approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2019 – 2021, which is a template for the 2019 budget.

President Buhari approved a budget estimate of N8.73 trillion for the 2019 fiscal year, N400 billion lower than that of 2018 during the special FEC session held last Friday.

The council also expressed happiness with Nigeria’s GDP growth rate which rose to 1.81 per cent in the third quarter, according to the National Bureau of Statistics (NBS).

Udoma said government’s projection is to cut down the level of borrowing from N1.6 trillion in 2018 to N1.5 trillion in 2019, while the deficit component is to be reduced from N1.9 trillion in 2018 to N1.6 trillion.

Notwithstanding the recent oil output drop to about 1.9 million barrels a day, he expressed government’s optimism that the 2.3 million barrels a day target was achievable with production now rising to about 2.15 million barrels a day and new oil productions being put into play.

Though a $50 per barrel oil price benchmark was proposed in the ERGP, the minister also expressed confidence that with a significant rise in the price above $80 per barrel currently, government has proposed a $60 per barrel oil price for the budget.

He said N305 was proposed as naira-dollar exchange rate and that efforts are on to keep inflation down after slight increases in the last two months after 18 months consecutive decline.

Government projects a gross domestic product (GDP) growth rate of 3.01 per cent, reduced from 4.5 per cent in the ERGP; 3.6 per cent in 2020 and 3.9 per cent in 2021.

According to him, “Growth is expected to increase from 0.8 per cent in 2017 to 2.1 per cent this year and 3.01 per cent in 2019 with the continued implementation of the ERGP in 2019 and improved outlook for oil prices.”

He said with a projection that is based on the oil price and oil production assumptions, government hopes to generate about N3.6 trillion from oil, an increase of about N500 billion compared with 2018.

About N6.9 trillion revenue is projected to be available to the budget in 2019 while government expects to collect less revenue from some independent sources.

As against about N847 billion realised in the 2018 budget, the minister said only about N624 billion is expected in 2019.

Udoma added that he reported to council the steady recovery from the recession period, saying: “The report indicates that the economy when measured by real GDP grew at 1.81 per cent in the third quarter 2018, compared to 1.5 per cent in the second quarter of 2018, the FEC was particularly encouraged to note that economic growth continues to be driven by the non-oil sector which grew by 3.32 per cent in the third quarter. This has been the strongest growth in non-oil GDP in 12 consecutive quarters since the fourth quarter of 2015.

“By economic activity, non-oil growth was driven by transportation, electricity, telecommunication, metal oils, quarry and so on. In addition, agriculture and manufacturing sectors also grew, agriculture by 1.91 per cent, manufacturing by 1.92 per cent. These are stronger growth than in the second quarter.

“So, overall, council mostly is encouraged that these results show improvement in the economy. It also shows that our plans are working and it equally shows that we need to intensify our economy and keep fit with our reforms through continuous implementation of the ERGP in order to continue to attract investments and set the economy on a more sustainable inclusive growth trajectory and council is encouraged by this and believes we should be able to do even better in the fourth quarter.”

Shedding light on the waterway protection contract, Amaechi said the six contractors that got the protection of the waterways are formal companies and not rehabilitated militants.

Sourced from a THISDAY report


Source News Express

Posted 13/12/2018 02:32:19 AM





You may also like...
Police cordon off popular Abia brothel following mysterious...

Court jails soldier over assault

Flood Alert: Communities along River Niger must evacuate...

Still on Buhari’s verdict on Nigerian youths, By...

Presidency clears air on Nigerian executed in Saudi...

Why we released drug lord El Chapo’s son:...

Fayemi greets Oyegun, APC’s pioneer Chairman, at 80...

Hoodlums kill three brothers in their farm

Sammie Okposo going crazy . . .

HURIWA gets new Human Rights Queen; ICON

I won’t rule over Nigerians —Buhari

9,000 AIDS patients seek Yahya Jammeh’s head over...


Latest News N40m cash stolen in Bayelsa Government House Saudi student kills 3 persons at US naval base Sowore’s re-arrest: Soyinka slams DSS, sends message to Buhari Court affirms Oshiomhole’s suspension by Edo APC, annuls NWC’s Reconciliation Committee Traffic light violators to pay N50,000 fine in 2020 — FRSC ‘Justice slowly becoming a thing of the past’ — Davido, Banky W, other celebrities fume over Sowore’s re-arrest Boko Haram kills 4, abducts 18 civilians 2020 Edo Budget: Obaseki breaks 15-year record Invasion of court by DSS confirms Nigeria is sliding into dictatorship — PDP Restructuring: Only National Assembly can conduct exercise — Buhari Nnamdi Kanu’s father died of trauma arising from invasion of palace by Nigerian soldiers — IPOB Tax evasion: Enugu Internal Revenue Service seals banks, hotels, schools


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (569,344 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (455,459 views) Shameless Genevieve Nnaji exposes breasts in public (405,270 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (340,063 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (306,791 views) 10 cars more expensive than Jets (290,512 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (260,719 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (259,531 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (240,977 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (227,510 views) Lagos plane crash: Journalist releases victims’ names (203,374 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (199,855 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (111) Business & Economy (4,614) Business Verdict (89) Columnists (1,155) Complaints & Requests (97) Enterprise & Opportunities (220) Entertainment (715) Features (852) Global Business Monitor (497) ICT Monitor (72) International (4,303) Interview (216) Live Commentary (30) Love Matters (177) Maggie's Blog (510) News (54,915) Opinion (1,436) Pidgin (18) Politics (11,853) Religion (1,130) Sports (2,244) Stock Watch (40) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera