The Nigerian government says it has achieved fifty five percent (55%) of its projected revenue performance up till the end of April 2016, and fifteen (15%) of the capital budget implementation so far.
Minister of Budget and National Planning, Senator Udoma Udo Udoma revealed this while briefing Senators on the level of implementation of the 2016 budget. He assured the lawmakers that the projected revenue will continue to increase, based on the available data from the Federal Inland Revenue Service (FIRS).
Senator Udo Udoma explained that government was prioritizing capital projects for the most efficient use of available funds, stressing that execution of new projects would begin as soon as their procurement procedures were concluded.
The Budget and National Planning Minister further revealed that two factors were responsible for the low level of capital releases in the 2016 budget implementation. According to him, “because of the procurement procedures that last for up to six weeks, no new projects are ripe for capital releases, and secondly, the dwindling revenue due to the challenges in the Niger Delta region is also contributing to the problem.”
He however expressed optimism that the revenue from crude oil sale will be higher as from the month of September, citing improvement in the daily output of crude oil production as confirmed by the Petroleum Ministry.
Senator Udoma said a meeting of the revenue officials was taking place in Kano, north western Nigeria, to fashion out new strategies on how to boost government revenues.
Chairman of the Senate committee on Appropriations, Senator Danjuma Goje who was highly elated by the Minister’s presentation, urged Nigerians to exercise more patience and support the President Buhari led government to achieve its set goals.