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LequteMan
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The President Muhammadu Buhari administration may have cancelled most of the import waivers granted some Nigerians as well as operators in certain sectors of the economy by the Goodluck Jonathan government, Guardian reports.
The action is aimed at revving up revenue to close the widening gap in the budget occasioned by the continuous fall in the price of crude oil at the international market.
Initially, at the presentation of the 2016 Budget Estimates last December, the deficit level was pegged around N2.2 trillion on an oil price benchmark assumption of $38 per barrel of crude oil.
However, following the persistent price fall and at the current level of around $32 per barrel, the deficit is estimated to have grown to almost N3 trillion, about half the size of the budget, with the consequence of increased borrowing and other belt-tightening measures to source revenue to deliver the implementation of the spending plan.
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Guardian
The action is aimed at revving up revenue to close the widening gap in the budget occasioned by the continuous fall in the price of crude oil at the international market.
Initially, at the presentation of the 2016 Budget Estimates last December, the deficit level was pegged around N2.2 trillion on an oil price benchmark assumption of $38 per barrel of crude oil.
However, following the persistent price fall and at the current level of around $32 per barrel, the deficit is estimated to have grown to almost N3 trillion, about half the size of the budget, with the consequence of increased borrowing and other belt-tightening measures to source revenue to deliver the implementation of the spending plan.
Read full story
Guardian
