FEATURED
Buhari To Preside Over ‘Special’ Federal Executive Council Meeting Friday – Adesina
President Muhammadu Buhari will on Friday preside over meeting of a `Special’ Federal Executive Council to deliberate solely on 2019 draft budget proposal.
Femi Adesina, the Special Adviser to the President on Media and Publicity, revealed this when he briefed State House correspondents at the end of the Council’s meeting.
The News Agency of Nigeria reports that the FEC meeting was presided over by Vice-President, Yemi Osinbajo at the Presidential Villa, Abuja, on Wednesday.
Adesina stated that the Friday’s Special FEC meeting would endorse and approve the 2019 draft budget for onward submission to the National Assembly for its approval.
NAN reports that on October 18, Minister of Budget and National Planning, Udoma Udoma, at the consultative forum on the medium term expenditure framework and fiscal strategy paper 2019 to 2021, said the Federal Government plans to submit a leaner 2019 budget to the National Assembly before the end of November.
In spite of the recent oil output drop to about 1.9 million barrels a day, Udoma said government was optimistic the 2.3 million barrels a day target was achievable with production now rising to about 2.15 million barrels a day and new oil productions being put into play.
Although, a $50 per barrel oil price benchmark was proposed in the ERGP, he said with a significant rise in the price above $80 per barrel currently, government has proposed a $60 a barrel oil price for the budget.
He said N305 was proposed as exchange rate to the dollar, with government working to keep inflation down after slight increases in the last two months on the heels of 18 months consecutive decline.
The projected target gross domestic product growth rate for the budget was put at 3.01 per cent, reduced from 4.5 per cent in the ERGP; 3.6 per cent in 2020 and 3.9 per cent in 2021.
He said: “Growth is expected to increase from 0.8 per cent in 2017 to 2.1 per cent this year and 3.01 per cent in 2019 with the continued implementation of the ERGP in 2019 and improved outlook for oil prices.”
On revenue, Udoma said based on the oil price and oil production assumptions, government expects to generate about N3.6 trillion from oil, up by about N500 billion from last year’s figure.
About N6.9 trillion revenue is projected to be available to the budget in 2019.
With other projections showing government expects to collect less revenue from some independent sources, he said only about N624 billion is expected to be realised, against about N847 billion in the 2018 budget, among others.
How Senator Ned Nwoko’s Defection Triggered A Political Tsunami In Delta
PDP Takes Stocks, Set Up Caretaker Committee For Delta Party’s Structures
‘Leave Behind Political Habits That Caused Decline Of PDP’ – Ned Nwoko Admonishes Gov. Oborevwori On APC Defection
UPDATED: Ochei Hails Oborevwori’s Defection To APC Says ‘It’s A Great “Tsunami” For Greater Delta’ Under Tinubu’s ‘Renewed Hope’
Cabinet Dissolution Looms In Delta, Power Sharing Formula Between APC And PDP Blocks Revealed
Oborevwori Must Vacate His Seat As Governor – Bode George Fumes Over Defection
BREAKING: Intrigues As Atiku’s Running Mate, Okowa, Oborevwori Dump PDP
Delta North: ‘Herdsmen Are Terrorising And Killing Our Farmers’ – Senator Nwoko Raises Alarm
Rivers Emergency: Inside Details Of Tinubu, Fubara Secret London Meeting, Wike Left Out
DON’T BETRAY DELTA; REJECT OBOREVWORI’S LAST-DITCH EFFORT TO JOIN APC, BY GEORGE URHIE
DOPF Congratulates Bebenimibo On Appointment As Registrar Of Maritime Varsity
How Tinubu’s Timely Return From Europe Averted Constitutional Crisis
Delta North APC Youth Leadership Pass Vote Of Confidence On Sen. Ned Nwoko
FLASHBACK: OLU OF WARRI PROCLAMATIONS TO HIS SUBJECTS: THE RENEWAL OF COMMITMENT BEGINS WITH ATUWATSE III, BY ZIK GBEMRE
