Senate tackles Adeosun over FG’s plan to pass 2018 budget in January

The Minister of Finance kemi Adeosun  was challenged on Tuesday by the senate on Federal Government’s persistence on passing the 2018 Budget in January when less than 50 per cent of the 2017 budget was only implemented.

The upper chamber also expressed their opposition as to why the 2017 Budget had no correlation with the 2018 Budget.

They insisted the implementation would be poor if passed by January because of the size of Nigeria.

During the budget defence of the Ministry, Sen. John Eno, the Chairman Senate Committee of Finance made the position known.

Eno enquired how the ministry achieved 64 per cent budget performance in 2017 when other Ministries, Departments and Agencies (MDAs) were struggling to stay below 40 per cent.

Adeosun responded that the ministry is working to raise all the MDAs to 50 per cent performance before the end of the year

Concerning leakages in Federal Government earnings, she made it known to the ministry that they would look into other agencies outside the Federal Inland Revenue Service which would augment earnings as pointed out.

To finance the deficit, we are expecting the total sum of N306 billion and N5 billion and also bring some key reform initiatives on board.

She said oil revenue would contribute 37 per cent of the total revenue of N6.6 trillion.

According to her, other recovered looted funds like 7.8 per cent tax amnesty, 1.3 per cent signature bonus, 1.7 per cent joint venture equity restructuring, 10.7 per cent grants and donors funding, 3 per cent and others, 5.5 per cent were recovered.

The minister said the revenue targeted for 2017 was largely achieved, with a record of 64 per cent performance.(NAN)