OrderPaperToday – The minister of Budget and National Planning, Mr. Udoma Udo Udoma has reiterated the federal government’s commitment to create additional 20 million jobs before 2020 through the Economic Recovery & Growth Plan (ERGP).
The minister also informed that the President intends to remain focused on the implementation of the ERGP so as to ensure 3.01% growth target for the year 2019 away from the current 2.01% increase.
This followed a breakdown of 2019 budget presentation by the minister which he titled; “Citizen’s Guide to Understanding FGN’s 2019 Budget of Continuity” that held today in Abuja.
Adding that the steps taken by the budget office to breakdown the budget was to give the average Nigerian citizen a sense of been part of the process of making the national budget, as well as the details thereof.
According to him: “the budget is designed to further reposition the economy on the path of higher, inclusive, diversified and sustainable growth, and continue to lift significant numbers of our citizens out of poverty, given the focus of the ‘Next Level’ agenda of President Muhammadu Buhari on job creation for the teeming youths of Nigeria”.
Giving a breakdown of the budget, Sen. Udoma said the 2019 budget largely reflects the key execution priorities of the ERGP, namely restoration of macroeconomic stability, agriculture and food security, energy sufficiency, transportation infrastructure and industrialization. He also noted that federal budget was not all about expenditure allocations, as perceived by many Nigerians that revenue generation remains a critical and important aspect of the budget.
The 2019 budget breakdown has N1.92 trillion as deficit, non-oil revenue has N3.31 trillion and N3.67 trillion. The statutory transfer pegged at N502 billion, sinking funds N110 billion, whilst debt servicing is allocated N2.144 trillion, with recurrent expenditure getting N4.07 trillion and Ministries, Departments and Agencies shall be get N2.09 trillion.
While explaining that the budget expenditure as of December 2018 was N6.94 trillion representing 55% performance as against the projected N9.12 trillion.
This brings the actual revenue performance for 2018 budget to 55% because some one-off items such as the N710 billion from oil joint venture asset restructuring and N320 billion from revision of the oil production sharing contract legislation/terms were yet to be actualized though, would be rolled over to 2019.