FG says review of 2016 budget not now

The Presidency says it will consider reviewing the 2016 budget if the sharp drop in the projected revenue continues.

Budget and National Planning Minister, Senator Udoma Udo Udoma, who gave this indication in Abuja at a town hall meeting on policy dialogue for good governance, admits that there is a growing disparity between the projected revenue the budget was based upon, and the actual revenue realized so far.

The minister however, said the Presidency is putting on hold for now, the review of the budget because of its belief that the drop in the revenue would not last long.

On the proposed 2017 budget, the minister said it might be submitted to the National Assembly by October, to prevent the delay experienced in the passage of the outgoing 2016 budget.

He said the proposed 2017 budget would be based on an oil benchmark price of 42.50 dollars per barrel, a daily production of 2.2 million barrel of crude oil, and an exchange rate of N290 for a dollar.

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