ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

2020 budget exposed to external risks –Expert

22nd October 2019
in Business
0
The need to monitor budget implementation

PIC. 4. PRESIDENT MUHAMMADU BUHARI (L), PRESENTING THE 2016 APPROPRATION BILL TO A JOINT SESSION OF THE NATIONAL ASSEMBLY IN ABUJA ON TUESDAY (22/12/15). LEFT IS THE SENIOR SPECIAL ASSISTANT TO THE PRESIDENT ON NATIONAL ASSEMBLY MATTAERS (SENATE), SEN. ITA ENANG AND CLERK OF THE NATIONAL ASSEMBLY, ALHAJI SALISU MAIKASUWA. 7803/22/12/2016/ICE/BJO/NAN

0
SHARES
131
VIEWS
Share on FacebookShare on Twitter

Omodele Adigun

As the 2020 budget awaits scrutiny by the National Assembly, its final implementation may be decided by both domestic and external borrowings as well as all manner of risks.

According to London-based senior Research Analyst with FXTM, Lukman Otunuga, who warned that the observation that the  budget’s revenue target is highly optimistic should be taken seriously.

“ It will be interesting to see how Nigeria is able to meet those goals” considering the last June’s revenue target of N8.8trillion as spelt out in the 2019 budget, noted Otunuga who stated this Wednesday in Lagos.

His words: “Now we are going to have record spending , N10.33 trillion, to make all spending  go round. Government revenue is projected to be around N8.3155 trillion. And that leads Nigeria to deficit of N2.18trillion. To plug that hole, Nigeria is going to have to continue external and domestic borrowings. It will be interesting to see how Nigeria is able to meet those goals.

“When we break it down, the government projected oil prices to be about  $57 per barrel; oil production at 2.18 million barrels; Naira exchange rate at N305 per dollar. $57 per barrels will go for oil. it will be very interesting what (price) will trade above (the target) oil (price) next year if the US –China trade uncertainty remains. If the demand is not there, if demand is missing from oil, oil price, for all I can tell you, would trade below $55 per barrel.

“Secondly, Can Nigeria produce 2.18 million barrels a day? In August, Nigeria’s oil production was around 1.87 million barrels a day. Nigeria promised OPEC that they were going to keep their oil production cap at 1.774 million barrels per day. The last time Nigeria was able to pump over two million barrels a day was in 2013. Almost six years. So I want to see how government can achieve that target and for how long.

“The revenue target in the budget is going to be exposed to external risks! And another thing is that it is very important  that the budget is passed by December 2019 because, looking at what happened in 2019, thecommonly repeated delays happened until the budget was implemented. I think the quicker this budget is implemented, the better it will be for Nigerian economy.”

On the 2019 revenue target alluded to, the Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, commenting on it early in the year had said:

“This unprecedented figure may look ambitious! It means we have a lot of work to do in 2019 as we aim for the set target of N8.8 trillion. It reflects the faith reposed in us by our leaders.We have been given this target because our leaders believe we can meet this target and even surpass it”.

On the global outlook for 2020, Otunuga reasoned that the world outlook for 2020 remains clouded by uncertainty. “Until we see changes; until we see changes in the United States and China, until there is a resolution to the trade developments, we won’t see the economic conditions improving any time soon.”

Rapheal

Rapheal

Related Posts

Zoho launches Africa digital enabler package
Business

Zoho launches Africa digital enabler package

28th June 2022
Qatar Energy to cut emissions as methane movement grows
Business

Qatar Energy to cut emissions as methane movement grows

28th June 2022
2022: Manufacturers demand better forex market, infrastructure
Business

Manufacturers’ industrial capacity reduced to 30% over rising production cost

28th June 2022
Next Post
Debt recovery: Access Bank, ex-minister, Etiebet’s firm opt for out-of-court settlement

Access Bank hits over N1bn in digital lending daily

Personal finance management: Tips to throw children’s birthday party on budget

FG panel okays Africa free trade pact

Expert urges FG to rebase forex, earn N3trn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Kaduna: Participate at party levels, increase your election chances – ActionAid tells women, youths

Maritime security: Nigeria, Japan sign $2.78m exchange notes on high-speed boat

Impeachment: Oyo deputy gov sues House of Assembly

Flood: HYPPADEC Partners Private Developer To Build Settlement Homes For Riverine Communities

2023; police set to train personnel on election security duty

Edo frees 114 Correctional Centres’ inmates in 3 months

Trending

Trail Census: NPC warns staff against disclosing information
National

Trail Census: NPC warns staff against disclosing information

28th June 2022
0

From Abdulrazaq Mungadi, Gombe The National Population Commission (NPC) has stated that information to be generated from...

I have not abandoned Ihedioha’s TSA – Uzodinma

Tinubu certificate non-issue if INEC’s record is efficient –  Uzodinma 

28th June 2022
Marafa disburses tricycles, motorcycles to 1,000 in Zamfara 

Anambra tricycle riders union backs Soludo’s anti touting policy

28th June 2022
‘Declare State of Emergency on gender based violence’, ActionAid urges Buhari

Kaduna: Participate at party levels, increase your election chances – ActionAid tells women, youths

28th June 2022
Maritime security: Nigeria, Japan sign $2.78m exchange notes on high-speed boat

Maritime security: Nigeria, Japan sign $2.78m exchange notes on high-speed boat

28th June 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • Trail Census: NPC warns staff against disclosing information
  • Tinubu certificate non-issue if INEC’s record is efficient –  Uzodinma 
  • Anambra tricycle riders union backs Soludo’s anti touting policy
  • Kaduna: Participate at party levels, increase your election chances – ActionAid tells women, youths
  • Maritime security: Nigeria, Japan sign $2.78m exchange notes on high-speed boat
  • Impeachment: Oyo deputy gov sues House of Assembly
  • Flood: HYPPADEC Partners Private Developer To Build Settlement Homes For Riverine Communities
  • 2023; police set to train personnel on election security duty
  • Edo frees 114 Correctional Centres’ inmates in 3 months
  • Boost crude production, crash operations cost, FG charges marginal field investors 
  • NAICOM liquidates Niger Insurance, Standard Alliance over poor performance
  • Rivers: Court remands pastor for sexual abuse of teen
  • Sanwo-Olu dole out 12 cars as reward for outstanding teachers, school administrators 
  • NOUN appoints new Registrar, Bursar, Librarian
  • Flooding devastates Anambra market, destroys electric poles, cables
  • Senate widens Judiciary probe
  • NDIC, ICPC, others partner on national anti-corruption strategy
  • N1.8 Billion Defence Procurement: Osun monarch condemns linkage with Buratai
  • NSF 2022: Delta approves 480-bed space for athletes
  • Communal clash: Cross River govt dethrones 2 traditional rulers over shooting of 6 six military personnel

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....