A number of measures have been adopted by the Federal Government to reduce the budget deficit by nearly half. A new comprehensive revenue generation and management strategy is expected to cut the budget deficit to 3.88 per cent.
A number of measures have been adopted by the Federal Government to reduce the budget deficit by nearly half. This action, which will involve a combination of fiscal, economic and accounting strategies, is expected to lead to the blocking of leakages and the redirecting of financing to long-term economic growth .A new comprehensive revenue generation and management strategy is expected to cut the budget deficit to 3.88 per cent. The new strategy is a major anchor of the N27.
5 trillion budget proposal, which debates started yesterday at the two chambers of the National Assembly. The target is to close the deficit gap to within the threshold of three per cent set by the Fiscal Responsibility Act 2007. With declining revenues and stubbornly high expenditures, especially recurrent expenditures, Nigeria’s budget deficit had widened over the years, significantly above the guide set by extant laws. The budget deficit in 2024 is projected at N9.18 trillion or 3.88 per cent of GDP. In 2023, the budget deficit was N13.78 trillion, some 6.11 per cent of GD
Federal Government Measures Reduce Budget Deficit Revenue Generation Management Strategy Economic Growth Nigeria National Assembly Fiscal Responsibility Act GDP
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal Government suspends planned deduction from IGR of federal universitiesThe Federal Government has announced the suspension of the planned deduction of 40 per cent from the Internally Generated Revenue (IGR) of federal universities. The Minister of Education, Tahir Mamman, who represented President Bola Ahmed Tinubu at the 75th Anniversary and 2023 Convocation Ceremonies of the University of Ibadan, Ibadan, the Oyo State capital, held at the International Conference Centre, disclosed that the Ministry of Finance has been directed to ensure that the policy does not come into effect. Tinubu reiterated the commitment of his administration to the education sector in line with the 2030 education agenda of the government and African Union goal 2063. He said: “We know that this law was enacted in 2020 and the circular was issued in 2021, but this is not a good time for such a policy
Read more »
Nigeria's Federal Executive Council Approves N27.5 Trillion Budget ProposalThe Federal Executive Council (FEC) has approved a budget proposal of N27.5 trillion, an increase of over N1.5 trillion from the earlier projection. The lawmakers are expected to work quickly to pass the bill for the President's assent by December 31.
Read more »
Federal Government's Forex Reforms Praised by Ministry of Finance CEOThe CEO of Ministry of Finance Incorporated, Dr. Armstrong Takang, has praised the Federal Government for instituting forex reforms and freeing forex previously used to defend the naira. He highlighted the benefits of the 'willing buyer, willing seller' model and encouraged people with genuine forex to invest in the domestic economy.
Read more »
Federal Government's Decision to Deduct 40% of Revenue from Public Universities Sparks CrisisThe Federal Government's decision to deduct 40% of internally generated revenues from public universities has sparked a crisis between the government and university workers. This decision is expected to have a negative impact on the academia, leading to potential pushback.
Read more »
Federal Government to Resume Prosecution of Suspected TerroristsThe Federal Government has announced plans to resume the prosecution of suspected terrorists, including Boko Haram members, in the next two weeks. The Attorney General of the Federation revealed this during a meeting in Abuja, stating that efforts are being made to ensure a smooth trial, including the possibility of virtual trials.
Read more »
Federal Government's Battle Against Insecurity Yielding DividendsThe Nation Newspaper FridayHeadlines 17th November, 2023 1. Ribadu: govt winning battle against oil theft, banditry - 2. 31 exco members pass confidence vote in Akeredolu - 3. Academics, senior lawyers snubbed in S’Court Justices nomination - 4. Fed Govt can’t rely on loans to fund 2024 Budget, says minister - 5. Adeleke suspends CJ despite court order -
Read more »