The Federal government Monday alerted Nigerians to prepare ahead for what it termed, more austere conditions in view of the strict economic policies being put in place by the Muhammadu Buhari led administration, just as it vowed to strictly monitor expenditure of all Ministries, Department and Agencies, MDAs to avoid wastes.
The Federal government has also planned to in that 2016 budget, reduce the Personnel cost form N1.8 trillion to N100 billion as part of moves to reduce expenditure and save cost.
According to the government, an excess of N1 trillion was spend on fuel subsidy in the year 2015 which include the Nigeria National Petroleum Corporation, NNPC, just as it disclosed that attention would be given to Internally Generated Revenue, IGR to fund the N6 trillion 2016 budget, adding that in 2016, it would remove fuel subsidy, move the price of petrol per liter from N87 to N97.
These were disclosed Monday when the Ministers for Budget and National Planning, Udoma Udo Udoma; Finance, Mrs Kemi Adeosun and State for Petroleum Resource; Emmanuel Ibe Kachikwu; Governor, Central Bank of Nigeria, Godwin Emefiele; Executive Chairman, Federal Inland Revenue Service, FIRS, Babatunde Fowler appeared before the joint committee s of the National Assembly on Finance to defend the 2016, 2017 and 2018 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF & FSP documents presented to the National Assembly by President Muhammadu Buhari.
Speaking earlier, Minister for Budget and National Planning, Udoma Udo Udoma who noted that it was important that substantial reductions were made on the spending pattern if the expected change must come in, said, ” In preparing the MTEF, we seek a dramatic shift from spending on recurrent to spending on capital aspect of the budget. It is going to be tighter for everybody. All non essential expenditure would be cut out. We will reduce the overheads by 7 per cent. We are beginning a journey of change and Change has to start with the clarity of purpose of where we are going.
Udoma who noted that the MTEF was prepared in such a way that it would help combat the economic challenges ahead, said that ”challenging times need firm and robust response. This is what the MTEF represents. It was also designed to create better governance; to turn things around and promote economic prosperity for the people.” Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
Fasten your seat belt, attention O'Compatriot, the bus of "Change" is moving! We said it, we are seeing it.May God save the Nation from the hard times ahead. But as events are unfolding, I keep on watching.
ReplyDeleteWE ARE WATCHING!!!
ReplyDeleteWE ARE WATCHING!!!
ReplyDeleteIs this the change we are yawning for
ReplyDeleteWe don't have to cry or shout... Because people that saw your type of leadership told us everything about you... but because of our selfishness and the fake promises that's why we vote for you... It's well... God is our strength..
ReplyDeleteRemoval of this so called subsidy is the best for this economy.
ReplyDeleteStupid comment as usual....when Jonathan tried to remove it,u people shouted and he gently reversed it...becuz its now buhari,its now d best thing to do....dis guy,u are an ethnic bigot,honestly speaking,ur comments irritates me....
DeleteThis is indeed a reaction to the current economic positions of the country with drastic fall in oil per barrel and general fiscal outlook. Nigerians are already buying for fuel per litre from 90 and 100 and above. If this will make it readily available,please proceed. Change is not always comforting concept at the initial. We are watching and hoping to see a better 2016. God bless Nigeria!!!!
ReplyDeleteYes, it is going to be tough to get the required change we all desire. This is result of our inaction of 16 years misrule, institutionalising corruption, being ethics and religion bigotry. I hope we all have learnt our lessons of sit down and look, leave him is my town man. Now is time to act, monitor activities in your local government, get involved , expose the corruption official, local government chairman, councillors who enrich themselves with public fund. Above all government should make INEC stronger and make elective position unattractive and accountable to the public.
ReplyDeleteChange No. 1, higher fuel price and electric tariff and more austere conditions in 2016. Earlier informed, it is now better for every Nigerians, most especially the common man to fasten his seat belt. In all, it is the common man that suffers, those in offices will never feel any of these. Those people making policies have not talk about reducing their entitlement.
ReplyDeleteMr. President: u said a liter of fuel will be sold at N55 when u resume office, what is happening?
ReplyDeleteYou criticaly fought d past administration that the price of crude oil was falling and it is still falling in the global market, so why increase pump price?
Fellow Nigerians, can human rule bring any good or benefit to the common man?
Fellow Nigerians, where is the change?
Father God in heaven pls come and remove human rulers and bring your government.
All this government fixing fuel prices is dancing around the issue. The government should just quit this subsidy business and let the market determine petrol price, just as it does with diesel.
ReplyDeleteThose of you in support of this I believe eats with golden spoon. Tell me one thing this country does for her people? only this subsidy whatever. pls make una mercy for us. Buhari is fighting corruption, the first of its kind and that is great. He should also remove eye from oil for once and invest in other sectors. Nigeria can survive with out oil. let our oil be refine for the citizens use since is doesn't have much market value not .
ReplyDelete