President Muhammadu Buhari has expressed disappointment at the 74 percent independent revenue shortfall for 2017.
Addressing a joint session of the National Assembly on Tuesday in Abuja, while presenting the N8.612 trillion appropriation bill, he revealed that only N155.14billion was remitted to the Federal Government as of September 2017, as against the projected sum of N605.87billion.
According to him, he described as absolutely unacceptable, under-remittance of operating surpluses by state-owned entities is absolutely unacceptable.
“A key revenue shortfall was from Independent revenue. Only N155.14billion was remitted by September 2017, as against the projected sum of N605.87billion.
“This represents a 74percent shortfall which is very dissapointing. This recurring of under-remittance of operating surpluses by state owned entities is absolutely unacceptable,” he said.
While acknowledging the abysmal low revenue generation for year 2017, he disclosed that the sum of N450 billion has so far been released for capital expenditure as at September 2017, just as he reiterated the administration’s aspiration of attaining 50 percent release by December 2017.
This is even as the Ministry of Power, Works and Housing received the lion’s share of capital spending with N555.8 billion, followed by the Ministry of Transportation with N263billion.
From the total of N11.98 trillion collective revenue, the sum of N6.8 trillion is expected from oil and gas sources while N5.597 trillion is expected from non-oil sources for the incoming year.
The President who acknowledged the uncertainty in the global markets, however reiterated the present administration’s resolve to pursue the implementation of the Economic Recovery and Growth Plan in order to consolidate on the previous achievements recorded so far.
In the bid to achieve the set objectives as stipulated in the 2018 budget estimates, Buhari reiterated commitment towards the Ogoni clean up project, stability in crude oil production through dialogue with relevant stakeholders stressing that
He disclosed that the metro rail project which stated during the pas administration with 50% completion level, has attained 98% completion level within the 18 months of the administration.
He added that the administration has identified alternative sources of funding for critical infrastructure including the N100 billion Sukuk fund which was injected into construction of 25 roads across the country and private sector funding of A papa road and Opobo-Bonny road co-funded by government and NLNG.
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