Picture Source: Reuters
Minister of Budget and Planning, Senator Udo Udoma, on Sunday said that ongoing reform targeted at diversifying the revenue base of the country would guarantee the achievement of the budget.
He made this statement when a delegation from the African Development Bank (ADB) paid him a courtesy call.
Udoma was assertive that the 2016 budget was be achievable in spite of falling oil price.
According to the minister, “Our budget is achievable; we have ongoing reforms targeted at diversifying our revenue base away from single oil commodity economy.
“Our Minister of State for Petroleum, Ibe Kachikwu, is assiduously applying innovative financing in the oil sector to address any likely revenue gap from our projected oil revenue.
“Plugging leakages through zero tolerance to corruption, application of sound public financial management and improved revenue collection system are reforms targeted to achieve the budget,” it said.
Udoma gave assurance that the ministry would proactively plan, advice and monitor all matters relating to national development, adding that it would also ensure that vital development policies were properly implemented by all stakeholders.
The minister further explained that 30 per cent of the budget allocated to capital projects was critical for the stimulation of economic development.
This article was curated from Vanguard