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Udo Udoma explains why FG did not meet its 2018 revenue target
The minister of Budget and National Planning, Senator Udo Udoma, has said that the Federal Government could not achieve its 2018 revenue target because some of the one-off items listed for implementation could not be actualised.
The minister, who spoke during a meeting with the House of Representatives Joint Committee on Finance, Appropriation, Planning and Economic Development on the 2019 revenue and expenditure projections as contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper 2019-2021, gave the one-off items to include the N710bn from Oil Joint Venture Asset Restructuring and N320bn from the revision of the Oil Production Sharing Contract Legislation.
According to the minister, the one-off financing items had already been rolled over to the 2019 budget.
Read also: CBN set to reform its liquidity management process
Udoma also stated that the Federal Government was determined to improve its revenue generation this year and was already taking a number of steps to shore up revenue to fund the 2019 budget.
The initiatives, aimed at expanding the fiscal space, the minister said include intensifying efforts to improve public financial management through the comprehensive implementation of the Treasury Single Account, TSA, the Government Integrated Financial Management Information System and the Integrated Payroll and Personnel Information System.
Udoma also disclosed that the Department of Petroleum Resources had been directed to, within three months, complete the collection of past dues on oil licence and royalty charges, including those due from the Nigerian Petroleum Development Company, NNPC, which it had agreed to pay since 2017.
The minister said the economy had exited recession and was on the path of growth, noting that it however took time for the impact to be fully felt by a significant number of people.
“It takes time, and will take some more efforts but we will keep working on it so as to fully realise the objectives of the ERGP. The implementation of the ERGP will create growth and jobs and reduce poverty,” he said.
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