Federal government on Tuesday reversed 2018-2020 Medium Term Framework Expenditure (MTEF) two weeks after the presentation of 2018 budget proposal to National Assembly by President Muhammadu Buhari.
Buhari had forwarded 2018-2020 to the National Assembly in October for consideration.
However, Minister of Budget and National Planning, Zaynab Ahmed in dramatic turn told the Senate Joint Committees on MTEF that there is slight amendment in the MTEF earlier presented to the National Assembly for consideration.
According to her, N710 billion to be generated from the restructuring government’s equity in all the joint venture oil assets, N320 billion additional revenues from revision of terms to improve government take in the production sharing contracts, additional N60 billion from excise duties on cigarettes and Alcohol , N305 billion as additional company Income Taxes expected to result from Voluntary Assets and Income Declaration Scheme (VAIDS), N100 billion from improvement by FIRS in the collection of value added Tax (VAT), N2.5 billion from special taxes on insurance of luxury cars, as well as surcharge on luxury goods and N250 billion provision as unspent balance carried forward from 2017.
She said that with the stated adjustment the fiscal deficit is now N2.05 trillion, down by over N940 billion, also pushing the debt/GDP ratio downward from 2.61 percent to 1.77 percent.
In her words on amendment, the Minister said, ” when the FEC approved the MTEF/FSP, it constituted a committee, chaired by the Hon. Minister of Finance, which was tasked with identifying additional sources of about N1 trillion committee necessitated a revision of the MTEF which also formed the basis of the 2018 budget proposal.
“This briefing note and accompanying submissions relate to the revised MTEF/FSP and MTFF which are in alignment with the 2018 Executive budget proposal, and were part of the documents that accompanies the 2018 budget laid. “
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