20th December, 2017
The Senate on Tuesday challenged the Minister of Finance kemi Adeosun, on Federal Government’s insistence on passing the 2018 Budget in January when less than 50 per cent of the 2017 budget was only implemented.
The upper chamber also queried why the 2017 Budget had no correlation to the 2018 Budget, insisting the implementation, if passed by January, would be poor because of the size of Nigeria.
Chairman Senate Committee on Finance, Sen. John Eno, made the position known during the budget defence of the ministry.
Eno asked to know how the ministry achieved 64 per cent budget performance in 2017 when other Ministries, Departments and Agencies (MDAs) were nearly scratching below 40 per cent.
Responding, Adeosun said the ministry was working to raise all the MDAs to 50 per cent performance before the end of the year.
On leakages in Federal Government earnings, she said the ministry would look into other agencies, outside the Federal Inland Revenue Service, that could augment earnings as pointed out.
“We have taken on board some of key reform initiatives. A total of N306 billion is expected from privatisation and N5 billion from sale of other government’s property to finance the deficit.“
She said oil revenue would contribute 37 per cent of the total revenue of N6.6 trillion.
Others, according to her, are recovered looted funds, 7.8 per cent; tax amnesty, 1.3 per cent; signature bonus, 1.7 per cent; joint venture equity restructuring, 10.7 per cent; grants and donors funding, three per cent and others, 5.5 per cent.
The minister said the revenue targeted for 2017 was largely achieved, with a record of 64 per cent performance.