The Minister of
Budget and National Planning, Udoma Udo Udoma, has assured that the 2016
budget was be achievable in spite of falling oil price.
This is contained in a statement issued by the Director of Information in the ministry, Charles Dafe, in Abuja on Sunday.
It said that the minister stated this when a delegation from the African Development Bank (ADB) visited the ministry.
The statement said
that ongoing reform targeted at diversifying the revenue base of the
country would guarantee the achievement of the budget.
"Our budget is
achievable; we have ongoing reforms targeted at diversifying our revenue
base away from single oil commodity economy.
"Our Minister of
State for Petroleum, Ibe Kachikwu, is assiduously applying innovative
financing in the oil sector to address any likely revenue gap from our
projected oil revenue.
"Plugging leakages
through zero tolerance to corruption, application of sound public
financial management and improved revenue collection system are reforms
targeted to achieve the budget," it said.
The statement
assured that the ministry would proactively plan, advice and monitor all
matters relating to national development, adding that it would also
ensure that vital development policies were properly implemented by all
stakeholders.
It explained that
30 per cent of the budget allocated to capital projects was critical for
the stimulation of economic development.
It quoted the
Minister of State for Budget and National Planning, Zainab Ahmed, as
saying that naira depreciation, falling oil prices and infrastructure
decay were challenges facing the country.
Ms. Ahmed, however,
said "substantial monies from recoveries of looted funds were not
factored in as sources of revenue and as such would also be utilized for
our development projects.
"We are counting on
assistance from other developmental partners like the African
Development Bank to access N1.8 trillion loans needed for Nigeria
infrastructural development.
"Assistance is also required in our 2016-2020 medium Term Expenditure Frameworks and the Nation's Sustainable Development Goal."
The statement said that the AfDB delegation commended the 2016 budget, describing it as "good and ambitious".
According to the
statement, Country Director of AfDB, Ousmane Dore, said the bank would
assist Nigeria to achieve its efforts in poverty reduction.
"Nigeria is having
an impressive and a better economic direction that would attract foreign
investors," Mr. Dore was quoted as saying.
(NAN)
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