Buhari govt reveals performance rate of 2018 budget


The Federal Government under President Muhammadu Buhari has put the performance rate of the 2018 budget at 75 per cent.

Director-general of the Budget Office, Mr. Ben Akabueze disclosed this during an interactive session with editors in Lagos, yesterday.

He said the federal government did not spend up to the projected amount on capital expenditure.

According to him, "As for the extent of implementation of the 2018 budget, usually budget is expressed in terms of how much is your projected expenditure.


"We now have the final numbers for the last quarter and we reckon that total performance is about 75 per cent. That means we didn't spend about N2.2 trillion we projected to spend. Sadly, the bulk of that shortfall comes from capital revenue."

Earlier, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, in a presentation on the 2019 Appropriation Bill, said the amount provided for recurrent expenditure in this year's budget proposal rose to N4.72 trillion, from N3.52 trillion in 2018, because of the intended minimum wage hike.

Udoma explained that the technical committee on minimum wage constituted by the president last week was mandated to look for ways of raising additional revenue to ensure that payment of the higher minimum wage did not affect resources available for capital expenditure.

He added, "We all want a larger budget. Indeed, Nigeria deserves a much bigger budget. Our budget is too small for our needs. However, we have to find the money. But there is no point having a large budget that you can't fund. This is a budget that I believe we can fund.

"I believe that as we get more revenue, we would continue to increase the size of our budget."

The minister said the $60 per barrel crude oil benchmark adopted for the 2019 Appropriation Bill was appropriate, saying analysts generally believe the recent decline in crude price is for the short-term.




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