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2019 budget:Power,Works,Housing get lion share

The Federal Ministry of Power, Works & Housing has the highest allocation according to the breakdown of the 2019 budget released by the Minister of Budget and National Planning, Senator Udoma Udo Udoma.

The Ministry got N408 billion followed by Federal Ministry of Transportation N194.24 billion , while Ministry of Defence stood at N 158.12 billion. In his explanation, Udoma said: “We have allocated N2.28 trillion for capital spending, inclusive of capital in statutory transfers. For comprehensiveness and transparency, the expenditure plans of the top 9 Government Owned Enterprises, GOEs, as well as Multi-lateral and Bi-lateral project-tied loans have been integrated into the 2019 – 2021 Medium Term Fiscal Framework. With the inclusion of N275.88 billion representing capital for the top-nine GOEs and N556.02 billion for Multi-lateral/Bi-lateral project-tied loans, the aggregate capital budget is N3.12 trillion.

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This represents 30 percent of the total FGN proposed expenditure for 2019. In order to get full value for monies expended by the Government over time and to avoid duplication and waste, our emphasis will continue to be on completion of existing projects.

Accordingly, provisions have been made to carry over projects that are not likely to be fully funded under the 2018 budget to the 2019 capital budget.”

While highlighting on the 2019 budget revenue proposals, he stated that distribution of expected FGN revenue are as follows: Oil revenue – 52.9 percent, CIT – 11.5percent, VAT – 3.3 percent, Customs – 4.3 percent, Independent Revenue – 9.0 percent, Signature Bonus 1.2 percent, JV Equity Restructuring 10.2 percent, Grants & Donor Funding 3.0 percent, Domestic Recoveries & Fines 2.9 percent and Others -1.7 percent. According to him, “We have again, reflected projected proceeds from oil assets ownership restructuring as revenues for transparency and monitoring. Expected funds have been earmarked to fund critical capital projects as this was not achieved in 2018.”

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Udoma further stressed that the 2019 Budget of Continuity is intended to further reposition the economy on the path of higher, inclusive, diversified and sustainable growth, and to continue to lift significant numbers of our citizens out of poverty. “The Budget also reflects the key execution priorities of the ERGP, namely Restoring Macroeconomic Stability; Agriculture and Food Security; Energy Sufficiency (in Power and Petroleum Products); Transportation Infrastructure; and Industrialization (focusing on SMEs). Government will continue to create the enabling environment for private sector to increase their investment and contribute significantly to job creation and economic growth.

“Already, diversification efforts are yielding positive results with significant growth in the non-oil sector (2.32 percent growth in Q3 2018, up from 2.05 percent in Q2 2018). Nigeria faces significant challenges with respect to revenue generation and this is being tackled vigorously. Key reforms will be implemented with increased vigour to improve revenue collection and expenditure management. Our aim is to take all measure necessary to ensure that we grow rapidly while maintaining fiscal sustainability” he noted.

Affa Dickson Acho

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