Buhari to present 2018 budget next week Tuesday

• January to December cycle not sacrosanct,
says Senate Leader
• Adeosun declares new debt strategy will
save N91.65 billion yearly
President Muhammadu Buhari will next
week Tuesday present the 2018 budget
proposal to a joint session of the National
Senate President, Bukola Saraki said this
yesterday as he read a letter from the
President officially informing the upper
legislative chamber of the presentation of
the fiscal appropriation bill.
The letter read in part: “In pursuant to
Section 81 of the 1999 Constitution, may I
crave the kind indulgence of the National
Assembly to grant me the slot of 1400
hours on Tuesday, November 7, 2017, to
formally address a joint session and lay
before the NASS the 2018 budget
However, the Senate Committee on the
Federal Capital Territory (FCT) has accused
territory’s administration of receiving huge
returns on investment without making
returns to the Federal Government.
Meanwhile, the Senate Majority Leader,
Ahmad Lawan, has declared that the
January to December calendar cycle for the
country’s yearly budget is not sacrosanct.
Lawan, who stated this while speaking with
State House Correspondents after meeting
with President Muhammadu Buhari at the
Presidential Villa yesterday, said that what is
more important is for the fiscal document
to be implemented fully.
He said to return to the January to
December calendar arrangement was
predicated on the level of collaboration
between the executive and the country’s
In another development, the Minister of
Finance, Mrs. Kemi Adeosun, has declared
that the new debt strategy adopted by the
current administration will save the country
N91.65 billion yearly.
By this strategy, she said the Federal
Government’s revenue and debt
management strategy would mitigate the
country’s debt service risk and fast-track
her development.
Adeosun, who welcomed the advice of
Nigeria’s international development
partners, including the International
Monetary Fund (IMF), said the strategy
would also achieve a number of objectives
that include mobilising revenue whilst
reducing the debt burden by lengthening
the maturity profile, increasing foreign
exchange reserves, reducing crowding-out
of the private sector and creating savings in
debt service cost.
According to a statement by the minister’s
media aide, Mr. Oluyinka Akintunde, key
element of the economic reform strategy
was the mobilisation of revenue to improve
the debt service to revenue ratio.
This, she said, is being undertaken through
a number of initiatives, including plugging
of leakages and the deployment of
technology revenue management.
Honestly,this buhari led Administration is the worst ever..
i tells u @emeks
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