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Nigeria faces worsening fiscal situation —Ortom

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Benue State Governor, Samuel Ortom, said on Monday the Federal Government’s decision to re-adjust the macroeconomic projections and assumptions in the 2020-2022 Medium Term Expenditure Framework (MTEF) was an indication of a worsening fiscal situation for the country.

Ortom, who stated this while declaring open a town hall meeting on the 2021 budget in Makurdi, said the country was still grappling with the effects of oil supply crisis between Saudi Arabia and Russia and the COVID-19 pandemic.

According to him, the developments had forced the government at all levels to readjust their revenue projections.

The governor said: “We were forced to reduce our 2020 budget projections by 43 percent from N190billion to N108billion. For our 2021 budget, we have to anticipate an even more disruptive impact on our projected revenues and expenditure and therefore proceed in the assumption that the budget cannot be any higher than what it is this year and indeed might be less.

READ ALSO: ‘We have failed Nigerians as leaders. Let’s ask for God’s forgiveness,’ Ortom tells youths

“We, therefore, need to adjust our expectations to this reality as a government and as a people. Let me reiterate that our vision for Benue State is that of an economically seIf-reliant federating unit of Nigeria.

“This vision is not a pipe dream. God has endowed us with the human and natural resources that we can harness towards achieving it. Lest the current challenges tempt us to despair and to lament our fortunes, we shall overcome our challenges.

“I want to restate our administration’s determination to institutionalise prudence, transparency, and accountability in the management of public resources and to ensure that citizens are engaged in this process. It is in furtherance of this agenda that we have convened today’s meeting.”

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