How FG Will Fund 2016 Budget

Minister of National Planning and Budget, Udoma Udo  Udoma at the end of the Federal Executive Council meeting in Abuja on Monday told State House correspondents how the Federal Government plans to fund the six trillion naira 2016 budget.

“We will get the funding from two sources. We are looking at trying to increase our non-oil revenue. We are looking at trying to get more money from the various government agencies, policing their collection and trying to get more money from them. We will also look at keeping down our recurrent budget. That means we are looking at savings that we can make from overheads.

“We will look at the efficiencies from our revenue collecting agencies like the FIRS, in terms of company income tax, in terms of VAT, and then the difference, we will have to borrow. But the level of borrowing that we anticipate will be well within the maximum allowed, which is three per cent of the GDP, because we want a prudent budget. We want a credible budget. So, we are working on that now.

“So we are not cutting anybody's salary. Everybody will get their salaries, “ he said.