Home NEWSBusiness Why 2019 Budget is Smaller Than 2018’s – FG

Why 2019 Budget is Smaller Than 2018’s – FG

by Happynaija
Why 2019 Budget is Smaller Than 2018’s – FG - Happynaija.com

Why 2019 Budget is Smaller Than 2018’s – FG.

 

Minister of Budget and National Planning, Senator Udoma Udo Udoma, has explained why the 2019 proposed budget size is smaller than the 2018’s.

He said it was important to contain the size of the deficit and control borrowing.

Udo gave the clarification in a statement by his media aide Akpandem James.

According to the minister, the proposed deficit of N1.859 trillion in 2019 is about 1.33% of GDP,

which is within the 3% threshold stipulated in the Fiscal Responsibility Act (FRA) 2007.

The Minister noted that though government has been increasing allocation to infrastructure, but that public-private partnerships were being encouraged.

“Tax incentives are being provided to encourage private sector investment in infrastructure”, the statement read.

“Hence the Executive Order 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme which was signed by the President on January 25, 2019”

“The Scheme seeks to leverage private sector capital for the development and refurbishment of road networks in industrial clusters and key economic areas in the country

“It entitles private investors to full recovery of the cost incurred on the road project(s)

in the form of a Road Infrastructure Tax Credit which can be utilized against participants’ future CIT payable to the Federal Government”, he explained.

You may also like

2 comments

Nigerian Government Speaks on Borrowing Beyond Country’s Limit - HAPPYNAIJA February 13, 2019 - 7:48 am

[…] Minister of Finance, Mrs Zainab Ahmed has assured Nigerians that there is no cause for alarm over Federal Government’s borrowing as it still remained within the fiscal […]

Reply
FG Declares Friday, Monday, Public Holidays | HAPPYNAIJA April 17, 2019 - 2:34 pm

[…] The Minister of Interior, Lt.- Gen. Abdulrahman Dambazau(Rtd), who made the declaration on behalf of the Federal Government, […]

Reply

What do you have to say on this ?

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

%d bloggers like this: