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Minister of Budget and National Planning, Senator Udoma Udo Udoma and the Minister of State for Budget and National Planning, Hajiya Zainab, have impressed on the National Assembly the need to ensure that 30% of the 2016 budgetary provision is committed to capital projects, stressing that this becomes inevitable to avoid the mistake of the 2015 budget which had just 10% allocated for capital expenditures.
Udoma and Zainab made this appeal on Wednesday when they both visited the Chairman of the Senate Committee on Budget, Planning and Economic Affairs, Senator Rabi’u Musa Kwankwaso.
In a statement by the ministry’s spokesman, Mr. Charles Dafe, the minister emphasised the need for the National Assembly to optimally facilitate realisation of government’s budgetary objectives.
“We are in a challenging time, we want to use the 2016 budget as solutions to our economic problems, especially the 30% capital allocation component in the budget. We want to move from the past administration’s faulty traditional ways of managing our economy without development strides.”
Responding on the fate of 2016 budget in the face of present fall in oil prices, Udoma said that focus on hitherto untapped revenue sources and the blocking of revenue losses would enable government to realise its objectives.
“We are working hard to expand fully the nation’s revenues base away from oil, government has set achievable targets to all revenues generating agencies, we must collect all revenues that is due and increase tax coverage areas.
“We have set Treasury Single Account that is blocking corruption loopholes and checking revenue leakages,” he stated.
Earlier, the Chairman of the Senate Committee on Budget, Planning and Economic Affairs, Senator Rabi’u Musa Kwankwaso, assured that his Committee will do justice on the budget and will also ensure that every naira budgeted will be utilised for the benefit of all Nigerians.
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