Low revenue threatens Budget 2016, says govt

Low revenue threatens Budget 2016, says govt

Senators were yesterday told that the Federal Government cannot fully implement the N6.06 trillion 2015 budget as passed by the National Assembly and assented to by President Muhammadu Buhari.

Secretary to the Government of the Federation (SGF) Mr. Babachir David Lawal, told a joint Senate committee on Appropriations, Finance and Ethics, Privileges and Public Petitions that the government’s revenues had dropped by 50 to 60 per cent, contrary to projections.

The SGF was invited by the Senate to explain his comment that the 2016 constituency projects as captured in the budget would not be implemented. He pointedly blamed the drop in revenue on attacks on oil facilities by militants in the Niger Delta. Lawal noted that the oil benchmark of $38 per barrel fixed by the Federal Government had been drastically dislocated. Read more

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