NIGERIA GOVERNMENT PROPOSES N8.6TRN BUDGET FOR 2019

The Federal Government of Nigeria has Propose N8.6trn Budget For next year.

New report was that the federal government yesterday pointed it was targeting a tighter fiscal plan in 2019 with a projected budget of N8.65 trillion next year.

This was disclosed by Udo Udoma,the minister of budget and national planning,during a public consultation on the 2019-2021 Medium Term Fiscal Framework and Strategy in Abuja.

It was explained that it would cut the budget from N9.12 trillion in 2018 to N8.65 trillion in 2019. This, it said, is based on the need to ensure prudence, reduce deficit and borrowing while laying greater emphasis on revenue generation.

The federal government also said it wanted the reduction in the amount of borrowing to finance the nation’s budget deficit in the proposed 2019 fiscal year.

According to the government’s 2019-2021 Medium Term Expenditure Framework (MTEF), the Federal government will cut the deficit in the 2019 budget draft from N1.9 trillion in 2018 to N1.6 trillion in 2019.