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
Home Business

We must increase our revenue generation – Udoma

18th October 2018
in Business, National
0
OIL
0
SHARES
453
VIEWS
Share on FacebookShare on Twitter

NAN

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma,  has emphasised the need for the country to increase its revenue generation.

Udoma made the call during the Public Consultation on the 2019-2021 Medium Term Fiscal Framework and Strategy Forum on Thursday in Abuja.

He said it was important for the country to substantially concentrate at increasing its oil and non-oil revenues as well as reduce borrowing.

“We must look at ways of squeezing out the maximum we can get from oil because oil is a wasting asset, we need to get the money and use it to solve a lot of our problems.

READ ALSO FG set to phase out 65% of hydrocarbons usage by 2023 

“We need to invest in infrastructure, invest in human capacity development and in all we need to build up our stock of capital.

“We also need to ensure we build up the non-oil sector.

“At the moment, the revenues are on average up by about 30 per cent from 2017, but it is not where we want to be, we need to do much better,’’ Udoma said.

The minister also harped on the need for the country to ensure it increased its revenue through tax collection.

“Our ratio of taxes collected to our Gross Domestic Product (GDP) is still very low.

“We need to look at how we can generate resources so that we rely less on debts, more on revenue and also build up the revenue so our debt service to revenue ratio will bring that down.

“We must increase our revenues that have to be the priority, because when you have that revenue, it is possible to deliver quality infrastructure which this country requires’’.

According to Udoma, the medium term framework outlined the Federal Government’s strategies and macro-economic projections for 2019-2021, which is built on the Economic Recovery and Growth Plan (ERGP).

He said it provided the broad framework for the annual budget in line with the Fiscal Responsibility Act.

Udoma said the framework was aimed at sustaining growth, diversifying the productive base of the economy as well as reflect the priorities and objectives of the ERGP.

The minister expressed optimism that the country would continue to experience growth with the continued implementation of the ERGP, as well as the improved outlook for oil prices.

In terms of oil production volume, the minister said it was projected at 2.3 million barrels per day for 2019, with an exchange rate of N305.

He said the GDP growth rate for 2019 was projected at three per cent, 3.6 per cent for 2020 and 3.9 per cent for 2021.

READ ALSO NBMA, SON, NAFDAC, others collaborate to mainstream biosafety

On the overall revenue framework, he said given the assumptions, we expect to generate about 3.6 trillion share of oil revenue up of about 500 billion.

On expenditure, Udoma said the framework had projected a reduced budget.

“Rather than looking at 9.1 trillion in 2018, we are looking at 8.6 trillion budget in 2019, so we are bringing down the size of the budget.

“Part of the reason is that we also want to reduce the level of borrowing, we want to reduce the deficit, so we are coming down in terms of the budget size.

“However, there are certain things which we decided is important that even with a smaller budget must be addressed.

“Many of them have to deal with human capacity, human development, health, education and pension.

“We are not going to compromise in terms of our responsibility of the state to the Nigerian people.’’

On the overview of the deficit financing and critical ratios, the minister said the deficit would be reduced from 1.9 trillion in 2018 to 1.6trillion in 2019.

“We are reducing the new borrowings from 1.6 trillion to 1.5 trillion, so basically what we are doing is to reduce the size of the budget,’’ Udoma said.

Tags: EducationERGPpensionrevenuesenetor udo udoma
Omotayo Edubi

Omotayo Edubi

Related Posts

National

2.6m Nigerians displaced-National Commission for Refugee

3rd March 2021
Military joint operations raid dreaded criminal camps in Delta
National

Military joint operations raid dreaded criminal camps in Delta

3rd March 2021
National

Abia 2023: Zoning arrangement must be respected – Apugo

3rd March 2021
Next Post
nma

NMA condemns attacks on medical, healthcare workers

BUHARI

Anambra APC coalition mobilises for Buhari

BUHARI

Abia fuel explosion: Emulate Atiku, Ohanaeze youths urge Buhari

Leave a Reply Cancel reply

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

Highlights

FG approves establishment of SIM swap centres, extension of enrolment licence tenure

Governors reconcile after war of words

JAMB boss urges loyalty, dedication for corporate excellence

Ayade inaugurates skill acquisition academy

Gov Bello calls for immortalisation of late Emir of Kagara

Gov Wike urges media practitioners to report objectively

Trending

National

2.6m Nigerians displaced-National Commission for Refugee

3rd March 2021
0

The National Commission for Refugees, Migrant and Internally Displaced Persons has said that about  2.6 million Nigerians...

Military joint operations raid dreaded criminal camps in Delta

Military joint operations raid dreaded criminal camps in Delta

3rd March 2021

Abia 2023: Zoning arrangement must be respected – Apugo

3rd March 2021
FG approves establishment of SIM swap centres, extension of enrolment licence tenure

FG approves establishment of SIM swap centres, extension of enrolment licence tenure

3rd March 2021
Governors reconcile after war of words

Governors reconcile after war of words

3rd March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • 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.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist