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The Minister of Budget and National Planning, Senator Udoma Udo Udoma said the federal government has recorded a revenue shortfall of N1.064 trillion, or 55.2 per cent of the budgeted revenue in the first six months of the year.
Senator Udoma said this Monday that the government is also likely to set the oil benchmark for the 2017 budget at $42.50 per barrel, oil production of 2.2 million barrels per day, and target an exchange rate of N290 to the dollar.
Udoma opened up on the 2016 budget performance and the government’s projections yesterday in Abuja during the commencement of consultations with civil society groups on the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The minister said the administration was considering conservative oil benchmark prices of $42.5 for a barrel per day (bpd) for 2017, $45 bpd in 2018 and $50 bpd in 2019.
The minister also disclosed that the government was expecting oil production of 2.2 million, 2.3 million and 2.4 million barrels per day, in 2017, 2018 and 2019, respectively.
He said the government was projecting a gradual recovery in the Gross Domestic Product (GDP) growth rate after the slowdown, adding that a very marginal growth rate of 0.35 per cent was expected in 2016, with growth rising to 4.4 per cent in 2019.
According to him, this averaged 3.77 per cent within the three-year period of the MTEF.
“GDP growth is expected to be largely driven by the non-oil sector with agriculture including agro-businesses, solid minerals, and construction and the housing sectors playing lead roles. Export-led growth will also be pursued,” Udoma said.
Senator Udoma said this Monday that the government is also likely to set the oil benchmark for the 2017 budget at $42.50 per barrel, oil production of 2.2 million barrels per day, and target an exchange rate of N290 to the dollar.
Udoma opened up on the 2016 budget performance and the government’s projections yesterday in Abuja during the commencement of consultations with civil society groups on the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The minister said the administration was considering conservative oil benchmark prices of $42.5 for a barrel per day (bpd) for 2017, $45 bpd in 2018 and $50 bpd in 2019.
The minister also disclosed that the government was expecting oil production of 2.2 million, 2.3 million and 2.4 million barrels per day, in 2017, 2018 and 2019, respectively.
He said the government was projecting a gradual recovery in the Gross Domestic Product (GDP) growth rate after the slowdown, adding that a very marginal growth rate of 0.35 per cent was expected in 2016, with growth rising to 4.4 per cent in 2019.
According to him, this averaged 3.77 per cent within the three-year period of the MTEF.
“GDP growth is expected to be largely driven by the non-oil sector with agriculture including agro-businesses, solid minerals, and construction and the housing sectors playing lead roles. Export-led growth will also be pursued,” Udoma said.
