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Minister of Budget and Planning, Mr Udo Udoma has stated that Nigeria produced 1Million barrels of oil last year but now 2Million barrels this year.
Mr Udoma adds that the country have the capacity to get to 2.2Million barrels.
Udo Udoma along with Finance Minister Kemi Adeosun are appearing before the Joint Committees on Finance and Appropriation on the #2017Budget Implementation
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PROCEEDINGS OF THE NIGERIAN SENATE OF TUESDAY, 3RD OCTOBER, 2017
Following the resolutions of a motion last week, the Senate Joint Cttees on Finance & Appropriation is interacting with the Ministers…
The Chairman of the #AppropriationCtte, Senator Goje opened the interaction by insisting that Nigerians need to know if there are reasons why the #2017Budget isn’t or can’t be implemented. He asks the Ministers what has been achieved & what they hope to achieve economically.
Minister Udo Udoma says that there was up to N1.2Trillion Capital Expenditure from the #2016Budget which led to the recovery from recession.
Minister Udo Udoma notes that the intention was to inflate the economy to have 30% Capital Expenditure thereby leading to economic recovery.
Minister Udoma points out the release of N300B Capital Expen under #2017Budget & says they are working on presenting the #2018Budget soon.
@HMKemiAdeosun says there has been personnel recurrent expenditure of N1.5Trillion & capital expenditure of N340.9Billion in the #2017Budget.
Senator Barau Jibrin asks the Ministers for the precise total percentage of the #2017Budget Performance.
Minister Udoma responds that in order to go back to the usual Jan-Dec Financial Year, the 2017 financial year has to be short with a rollover of at least 50-60% of Projects so that the projects won’t be lost. He also notes that 2017 Revenues are way better than 2016’s.
DG Budget Office, @BenAkabueze says that as at June 2017 i.e Q1 & Q2 of 2017, the revenue is N5.084Trillion.
@Benakabueze notes that 91% of projected revenue came it; he adds that it is not 100% but that we have done better than last year.
@BenAkabueze further points out that if we need to work on capital spending, we need to work on the borrowing.
Senator John Enoh asks categorically ‘if we are not careful, are we not going to loose a budget year?’
Senator Enoh also asks @HMKemiAdeosun ‘Are you hoping that the first months of the 2018 will be incurring previous costs of 2017?’
@HMKemiAdeosun @FinMinNigeria points out that the cost of domestic borrowing is extremely high and that our interest rate is also high.
Minister Adeosun also states that it would however take time to catch up with high revenues so as to reduce borrowing.
Senator Goje asks @HMKemiAdeosun @FinMinNigeria ‘you knew the interest rate was high yet we have N1.2Trillion domestic debts?’
@FinMin Adeosun reiterates that the effective cost of borrowing is Nigeria is going down.
Budget & Natl Planning Minister Udoma says that for a transitional year, there would be challenges but asks for support to make it work.
Senator Gobir asks what the Ministers are doing to ensure monies are recovered and actually kept.
Senator Urhoghide also says the recurrent expenditure is bigger than capital expenditure and most MDAs complain of no money.
