{"id":13982,"date":"2018-12-21T04:13:07","date_gmt":"2018-12-21T04:13:07","guid":{"rendered":"https:\/\/everyday.ng\/?p=13982"},"modified":"2018-12-21T04:13:07","modified_gmt":"2018-12-21T04:13:07","slug":"records-budget-proposals-breakdown","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=13982","title":{"rendered":"Records: Budget proposals breakdown"},"content":{"rendered":"<p>Highlights of the 2019 Budget Proposals<br \/>\nBackground and Context of the 2019 Budget<br \/>\n\uf0a7 The Nigerian economy emerged from recession in Q2 2017, and the macroeconomic environment has stabilized and is recovering gradually.<br \/>\n\uf0a7 This has renewed confidence in the country\u2019s growth prospects.<br \/>\n\uf0a7 The Economic Recovery and Growth Plan (ERGP), which underpins government\u2019s economic recovery actions, is the basis for medium term fiscal strategy to achieve sustained economic growth, diversification and social inclusion.<br \/>\n\uf0a7 Some of the underlying assumptions and targets in the ERGP have been updated to reflect current realities\/projections.<br \/>\n\uf0a7 The Nigerian economy emerged from recession in Q2 2017, and the macroeconomic environment has stabilized and is recovering gradually.<br \/>\n\uf0a7 This has renewed confidence in the country\u2019s growth prospects.<br \/>\n\uf0a7 The Economic Recovery and Growth Plan (ERGP), which underpins government\u2019s economic recovery actions, is the basis for medium term fiscal strategy to achieve sustained economic growth, diversification and social inclusion.<br \/>\n\uf0a7 Some of the underlying assumptions and targets in the ERGP have been updated to reflect current realities\/projections.<br \/>\nSummary of 2018 Budget Performance<br \/>\n1. GDP Growth Rate (%) 3.5*** 1.81%**<br \/>\n2. Oil Production (mbpd) 2.3 1.95<br \/>\n3. Oil Price (US $) 51 74+<br \/>\n4. Inflation Rate (%) 12.4 11.28*<br \/>\n5. Exchange Rate (N\/$)(CBN Official Rate) 305 305.95<br \/>\n6. Revenue (N\u2019trillion) 7.16 (Prorata \u2013 5.38) 2.84<br \/>\n7. Expenditure (N\u2019trillion) 9.12 (Prorata \u2013 6.84) 4.59<br \/>\n*Inflation rate for September, 2018: As at November 2018, inflation rate is 11.28%<br \/>\n** GDP growth for Q2 2018 was 1.50%.<br \/>\n*** Subsequently revised to 2.1%<br \/>\n+ Bonny Light price average as at September 2018.<br \/>\n\uf071 As at the end of the third quarter, Federal Government\u2019s actual aggregate revenue wasN2.84 trillion, which is 40 percent higher than 2017 revenue. This includes:<br \/>\n\uf0a7 Oil Revenue of N1.51 trillion(101 percent higher than 2017);<br \/>\n\uf0a7 Company Income Tax (CIT) of N500.37 billion (23 percent higher than 2017);<br \/>\n\uf0a7 Value-Added Tax (VAT) of N100.37 billion (5 percent higher than 2017); and<br \/>\n\uf0a7 Customs Collections of N229.62 billion (11 percent higher than 2017).<br \/>\n\uf071 The overall revenue performance is only 53 percent of the target in the 2018 Budget largely because some one-off items such as the N710 billion from Oil Joint Venture Asset restructuring are yet to be actualized and have been rolled over to 2019.<br \/>\n\uf071 Of the total appropriation of N9.12 trillion, N4.59 trillion had been spent by 30th September, 2018 against the prorated expenditure target of N6.84 trillion. This represents 67% performance.<br \/>\n\uf071 Debt service and the implementation of non-debt recurrent expenditure, notably payment of workers\u2019 salaries and pensions are on track.<br \/>\n2018 Capital expenditures<br \/>\n\uf0a7 Capital releases only commenced after the signing of the 2018 Budget on 20th June, 2018. As at 14th December 2018, a total of N820.57 billion had been released for capital projects.<br \/>\n\uf0a7 Spending on capital has been prioritised in favour of critical ongoing infrastructural projects in the power, roads, rail and agriculture sectors.<br \/>\n\uf0a7 Implementation of the 2018 Capital Budget will continue into 2019 until the 2019 Budget is passed into law.<br \/>\nKey initiatives to improve FGN Revenues<br \/>\n\uf0a7 The Federal Government has also sustained its efforts to improve public financial management through the comprehensive implementation of the:<br \/>\n\uf0fc Treasury Single Account (TSA),<br \/>\n\uf0fc the Government Integrated Financial Management Information System (GIFMIS) and<br \/>\n\uf0fc the Integrated Payroll and Personnel Information System (IPPIS).<br \/>\n\uf0a7 President has directed that immediate action be commenced to restructure the Joint Venture Oil Assets so as to reduce government shareholding to 40 percent and that this exercise must be completed within the 2019 fiscal year.<br \/>\n\uf0a7 The Department of Petroleum Resource shall, within three months, complete the collection of past-due oil license and royalty charges.<br \/>\n\uf0a7 Following Mr. President\u2019s directive:<br \/>\n\uf0a7 The Ministry of Finance, working with all the relevant authorities, has been authorized to take action to liquidate all recovered, unencumbered assets; within 6 months.<br \/>\n\uf0a7 Given the improved oil prices and production levels, Nigerian National Petroleum Corporation (NNPC) is to immediately commence the recovery of all outstanding obligations, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017.<br \/>\n\uf0a7 Finally, amongst other revenue generating initiatives, Mr. President has directed that work should be immediately concluded on the deployment of the National Trade Window and other technologies to enhance Customs collections efficiency from the current 64 percent to up to 90 percent over the next few years.<br \/>\n\uf0a7 Following Mr. President\u2019s directive:<br \/>\n&#8211; The Ministry of Finance, working with all the relevant authorities, has been authorized to take action to liquidate all recovered, unencumbered assets; within 6 months.<br \/>\n&#8211; Given the improved oil prices and production levels, Nigerian National Petroleum Corporation (NNPC) is to immediately commence the recovery of all outstanding obligations, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017.<br \/>\n\uf0a7 Finally, amongst other revenue generating initiatives, Mr. President has directed that work should be immediately concluded on the deployment of the National Trade Window and other technologies to enhance Customs collections efficiency from the current 64 percent to up to 90 percent over the next few years.<br \/>\nKey assumption and Macro-framework of 2019 Budget<br \/>\n\uf0a7 Oil Production 2.3 mbpd<br \/>\n\uf0a7 Oil Price $60\/b<br \/>\n\uf0a7 Exchange Rate N305\/$<br \/>\n\uf0a7 Inflation Rate 9.98%<br \/>\n\uf0a7 Nominal Consumption N119.28 trillion<br \/>\n\uf0a7 Nominal GDP N139.65 trillion<br \/>\n\uf0a7 GDP Growth Rate 3.01%<br \/>\n\uf0a7 Notwithstanding the recent softening in international oil prices, the considered view of most reputable oil industry analysts is that the downward trend in recent months is not necessarily reflective of the outlook for 2019.<br \/>\n\uf0a7 However, we will closely monitor the situation and will respond to any changes in the international oil price outlook for 2019.<br \/>\n\uf0a7 Mr. President has directed the NNPC to take all possible measures to achieve the targeted oil production of 2.3 million barrels per day.<br \/>\nApproach to the 2019 Budget<br \/>\n\uf0a7 The 2019 Budget proposal seeks to continue the reflationary &amp; consolidation policies of the 2017 and 2018 Budgets respectively, which helped put the economy back on the path of growth<br \/>\n\uf0a7 On the expenditure side, allocations to Ministries, Departments and Agencies (MDAs) of Government were guided by the 3 core objectives of the ERGP, which are, (i) Restoring and Sustaining Growth; (ii) Investing in our People and (iii) Building a Globally Competitive Economy.<br \/>\n\uf0a7 As with 2016, 2017 and 2018 Budgets, the 2019 Budget has been prepared on the Zero Based Budget (ZBB) Principles.<br \/>\n\uf0a7 The 2019-2021 Medium Term Fiscal Framework (MTFF), Medium Term Sector Strategies and proposed 2019 Budget reflect many of the reforms and initiatives in the ERGP, which is our roadmap to economic recovery and a more sustainable growth.<br \/>\n\uf0a7 Projects are linked to government policies and overarching strategic priorities.<br \/>\n2019 Budget revenue Proposals<br \/>\n\uf071 Distribution of expected FGN revenue are as follows:<br \/>\n\uf0a7 Oil Revenue \u2013 52.9%<br \/>\n\uf0a7 CIT \u2013 11.5%<br \/>\n\uf0a7 VAT \u2013 3.3%<br \/>\n\uf0a7 Customs \u2013 4.3%<br \/>\n\uf0a7 Independent Revenue \u2013 9.0%<br \/>\n\uf0a7 Signature Bonus \u2013 1.2%<br \/>\n\uf0a7 JV Equity Restructuring \u2013 10.2%<br \/>\n\uf0a7 Grants &amp; Donor Funding \u2013 3.0%<br \/>\n\uf0a7 Domestic Recoveries &amp; Fines \u2013 2.9%<br \/>\n\uf0a7 Others* &#8211; 1.7%<br \/>\nNote:<br \/>\nWe have again, reflected projected proceeds from oil assets ownership restructuring as revenues for transparency &amp; monitoring.<br \/>\nExpected funds have been earmarked to fund critical capital projects as this was not achieved in 2018.<br \/>\nHighlights of the 2019 Budget Expenditure Proposal (Expenditure framework)<br \/>\n\uf0a7 2019 FGN spending (exclusive of GOEs\/BT Loans) is projected to be N8.83 trillion, less than FY2018 approved budget by 3.22%.<br \/>\n\uf0a7 Recurrent (non-debt) spending expected to rise by 34.17%, from N3.52 trillion in FY2018 to N4.72 trillion (reflecting increases in salaries &amp; pensions including provisions for implementation of a new minimum wage)<br \/>\n\uf0a7 Capital Expenditure (Inclusive of Transfers, GOEs Capital &amp; Project-tied loans) as % of FGN Expenditure is 30%<br \/>\n\uf0a7 At N2.14 trillion, debt service is 24.24% of planned spending<br \/>\n\uf0a7 Provision to retire maturing bond to local contractors decreased by 36.84% from N190 billion in FY2018 to N120 billion&#8230;<br \/>\n\uf0a7 Personnel costs (MDAs &amp; GOEs) account for 52% of non-debt recurrent planned spend<br \/>\n\uf0a7 11% for Pensions (SWV &amp; CRF)<br \/>\n\uf0a7 9% for Overheads (MDAs &amp; GOEs)<br \/>\n\uf0a7 7% allocated to Social Investment Programme<br \/>\n\uf0a7 1% to Basic Health Care Provision Fund<br \/>\n\uf0a7 9% to other service wide votes (including GAVI\/Immunization)<br \/>\n\uf0a7 3% as SWV provisions for the Power Sector Recovery Programme<br \/>\n\uf0a7 8% Transfer of GOEs Operating Surplus.<br \/>\nKey Highlights of the Expenditure Framework<br \/>\n\uf0a7 Some provision for possible minimum wage increase<br \/>\n\uf0a7 Government is set to redress years of underfunding of pensions and gratuities<br \/>\n\uf0a7 Significant provision for National Health<br \/>\n\uf0a7 1% of CRF goes to the Basic Health Care Fund<br \/>\n\uf0a7 Provision for counterpart funding for immunization (GAVI)<br \/>\n\uf0a7 Overall, there is significant provision for investment in Human Capital over the medium term<br \/>\nFinancing Budget Deficit \u2013 Highlights<br \/>\n\uf0a7 Overall budget deficitof N1.859 trillion in 2019 represents 1.33% of GDP.<br \/>\n\uf0a7 Projected deficit within threshold stipulated in the Fiscal Responsibility Act (FRA) 2007.<br \/>\n\uf0a7 Budget deficit is to be financed mainly by borrowing N1.649 trillion.<br \/>\n&#8211; Domestic sources N824.82 billion<br \/>\n&#8211; Foreign sources (gradual shift away from commercial to more concessionary financing)<br \/>\nN824.82 billion<br \/>\nMinimum Wage<br \/>\n\uf071 Government committed to an increase in the Minimum Wage<br \/>\n\uf071 Provision has been made for this in the 2019 Budget<br \/>\n\uf071 A High-powered Technical Committee has been set up to advise on ways to:<br \/>\n\u2022 ensure that the attendant wage adjustments for those already over the Minimum Wage can be funded without increasing the level of borrowing<br \/>\n\u2022 implement these consequential adjustments in such a manner as to minimize their inflationary impact<br \/>\n\uf071 The recommendations of the committee will be captured in the Finance Bill to be presented to the National Assembly together with the Minimum Wage Bill<br \/>\nMDA capital Expenditure Allocations in the 2019 Budget<br \/>\n\uf071 We have allocated N2.28 trillion for capital spending, inclusive of capital in statutory transfers.<br \/>\n\uf071 For comprehensiveness and transparency, the expenditure plans of the top 9 GOEs, as well as Multi-lateral and Bi-lateral project-tied loans have been integrated into the 2019 &#8211; 2021 Medium Term Fiscal Framework.<br \/>\n\uf071 With the inclusion of N275.88 billion representing capital for the top-nine GOEs and N556.02 billion for Multi-lateral\/Bi-lateral project-tied loans, the aggregate capital budget is N3.12 trillion. This represents 30 percent of the total FGN proposed expenditure for 2019.<br \/>\n\uf071 In order to get full value for monies expended by the Government over time and to avoid duplication and waste, our emphasis will continue to be on completion of existing projects. Accordingly, provisions have been made to carry over projects that are not likely to be fully funded under the 2018 budget to the 2019 capital budget.<br \/>\nSome Projects in the 2019 Budget<br \/>\n\uf071 Transport<br \/>\n\u2022 N80.22 billion Counterpart funding for Railway projects including:<br \/>\n1. Lagos-Kano (Ongoing)<br \/>\n2. Calabar-Lagos (Ongoing)<br \/>\n3. Ajaokuta-Itakpe-Aladja (Warri ) (Ongoing)<br \/>\n4. Port Harcourt- Maiduguri (New)<br \/>\n5. Kano-Katsina-Jibiya-Maradi In Niger Republic (New)<br \/>\n6. Abuja-Itakpe and Aladja (Warri)-Warri Port And Refinery Including Warri New Harbour (New)<br \/>\n7. Bonny Deep Sea Port &amp; Port Harcourt and other Rail Projects<br \/>\n\u2022 N1.008 billion for construction of Terminal Building at Enugu Airport<br \/>\n\u2022 N13 billion for construction of Second Run-Way at NnamdiAzikiwe International Airport Abuja<br \/>\n\u2022 N27.12 billion for various rehabilitation of railway tracks including<br \/>\no Rehabilitation of track from Port-Harcourt to Makurdi<br \/>\no Maintenance of track (including emergency recovery, bridge and culverts repair)<br \/>\no Procurement of spare parts (including lubricants) for the locomotives, coaches and wagons.<br \/>\no Kuru to Maiduguri narrow gauge track rehabilitation project<br \/>\no Track rehabilitation from Makurdi to Jos to Kafanchan to Kaduna junction<br \/>\no Procurement and rehabilitation of locomotives and rolling stock<br \/>\no Procurement of workshop equipment and rolling stocks<br \/>\no Design, manufacture, supply, installation, testing and commissioning of electric overhead travelling cranes for carriage and wagons workshop<br \/>\no Upgrading of signaling &amp; telecom system on Eastern Line (Port Harcourt, Maiduguri, etc) including revised estimated total cost for extension to Western Line<br \/>\n\uf071 Power<br \/>\n\u2022 N1.02 billion set aside as fund for the Mambilla Hydro Power project<br \/>\n\u2022 N400 million for construction of 215MW LPFO\/ Gas Power station Kaduna<br \/>\n\u2022 N388.5 million for Kashimbilla transmission<br \/>\n\u2022 N398 million for Fast Power Programme Accelerated Gas and Solar Power Generation<br \/>\n\uf071 Housing<br \/>\n\u2022 N30.04 billion for Federal Government National Housing Programme<br \/>\n\uf071 Works<br \/>\n\u2022 About N280.44 billion for the construction and rehabilitation of roads in every geo-political zone of the country, such as:<br \/>\n\u2022 Counterpart Funding for the Dualizationof Makurdi &#8211; Enugu Road<br \/>\n\u2022 Counterpart Funding for the Dualization of Akwanga \u2013 Jos &#8211; Bauchi &#8211; Gombe Road<br \/>\n\u2022 Reconstruction of the Outstanding Sections of Benin \u2013 Ofosu \u2013 Ore \u2013 Ajebandele &#8211; Shagamu Expressway<br \/>\n\u2022 Construction of Bodo &#8211; Bonny Road<br \/>\n\u2022 Pavement Strengthening and Asphalt Overlay of Ajebandele &#8211; Ijebu Ode &#8211; Shagamu Road<br \/>\n\u2022 Construction of Oju\/Loko &#8211; Oweto Bridge to link Loko and Oweto<br \/>\n\u2022 Dualization of Ilorin \u2013 Jebba &#8211; Mokwa\/Bokani Junction Road<br \/>\n\u2022 Kano &#8211; Maiduguri Road (Various Sections)<br \/>\n\u2022 Abuja &#8211; Lokoja Road (Various Sections)<br \/>\n\u2022 Dualization of Obajana Junction to Benin (Various Sections)<br \/>\n\u2022 Lagos \u2013 Shagamu &#8211; Ibadan Dual Carriageway<br \/>\n\u2022 Early Works for the Construction of 2nd Niger Bridge in Anambra\/Delta States<br \/>\n\u2022 Construction of Kaduna Eastern By-pass<br \/>\n\u2022 Abuja \u2013 Kano Dual Carriageway<br \/>\n\u2022 Dualization of Odukpani \u2013 Itu \u2013 IkotEkpene Road<br \/>\n\u2022 Construction of Kano Western Bye Pass<br \/>\n\u2022 Abuja \u2013 Abaji<br \/>\n\u2022 Suleja \u2013 Minna Road<br \/>\n\u2022 Rehabilitation &amp; Expansion of Lagos &#8211; Badagry Expressway<br \/>\n\u2022 Rehabilitation of Vandeikya \u2013 Obudu &#8211; Obudu Cattle Ranch Road<br \/>\n\u2022 Rehabilitation of Ilorin \u2013 Kabba &#8211; Obajana Road In Kwara\/Kogi<br \/>\n\u2022 Reconstruction of Nasarawa &#8211; Loko Road<br \/>\n\u2022 Dualisation of Sapele &#8211; Ewu Road (various sections)<br \/>\n\u2022 Reconstruction of Bida &#8211; Lambata Road in Niger State<br \/>\n\u2022 Rehabilitation of Ikorodu &#8211; Shagamu Road<br \/>\n\u2022 Rehabilitation of 9th Mile &#8211; Orokam Road In Enugu State<br \/>\n\u2022 Re-construction of Sokoto &#8211; Tambuwal \u2013 Jega \u2013 Kontagora &#8211; Makera<br \/>\n\u2022 Design and Construction of Bridge Across the Cross River at Uwana (Ebony State) to Nkomoro (Cross River State)<br \/>\n\u2022 Construction of Road Falali, Birni, Bako to Furoja Town (Ningilga), Bauchi State<br \/>\n\uf071 Health<br \/>\n\u2022 N51.22 billion Provisioned for the implementation of the National Health Act<br \/>\n\u2022 N21.25billion provided for GAVI\/Immunization<br \/>\n\u2022 N1.26 billion for the procurement Of Non Polio SIA Vaccine<br \/>\n\u2022 N1.12 Billion for the procurement Of Kits And Commodities For Community Health Influencers<br \/>\n\u2022 N780 million for the establishment Of Chemotherapy centres in UBTH, UITH, ABUTH, UMTH, OAUTH, UNTH, UPTH, FMC Owerri, FMC Abeokuta<br \/>\n\u2022 N7.63 billion for procurement of RI vaccines and devices<br \/>\n\u2022 N3.5 billion for counterpart funding including global fund\/health<br \/>\n\uf071 Water Resources<br \/>\n\u2022 N1.8 billion provisioned for the Zobe Water Supply Project &#8211; Phase I &amp; II<br \/>\n\u2022 N1 billion for Partnership for Expanded Water, Sanitation and Hygiene (PEWASH)<br \/>\n\u2022 N1 billion for Special Intervention for North East and IDPs &#8211; Potable of Portable Water<br \/>\n\u2022 Over N53 billion for water supply, rehabilitation of dams, and irrigation projects nationwide<br \/>\n\uf071 Agriculture &amp; Rural Development<br \/>\n\u2022 N3.64 billion Support For Infrastructure, Projects and Coordination Services<br \/>\n\u2022 Over N15.66 billion for Promotion and Development of Value Chain across in more than 30 different commodities<br \/>\n\u2022 N5.46 billion for Veterinary and Pest Control Services<br \/>\n\u2022 N7.90 Billion for Rural Roads And Water Sanitation<br \/>\n\u2022 N3.27 billion for National Grazing Reserve Development<br \/>\n\u2022 N1.09billion for Mechanization<br \/>\n\u2022 N1.99 billion for Livelihood Improvement Family Enterprise (Life) Programme<br \/>\n\u2022 N2.52 billion for Food and Strategic Reserves<br \/>\n\u2022 N2.49 Billion for Agribusiness and Market Development<br \/>\n\u2022 N2.69 billionfor Extension Services<br \/>\n\u2022 N1.72 billion for Land and Climate Management<br \/>\n\u2022 N1.03 billion for GES &#8211; Delivery Platform, Roll-out and Management<br \/>\n\uf071 Industry, Trade &amp; Investment<br \/>\n\uf0a7 Special Economic Zone Projects<br \/>\n\uf0a7 N42 billion for ongoing and planned Special Economic Zone Projects across the geopolitical zones to drive manufacturing\/exports.<br \/>\n\uf0a7 Construction\/Provision of Road for Ikpokri Energy City Project<br \/>\n\uf0a7 Completion of Lekki Model Textile and Garment Industrial Park<br \/>\n\uf0a7 Provision of Infrastructure at Brass Free Zone, Bayelsa State<br \/>\n\uf0a7 Construction of Textile &amp; Garment Park, Lekki<br \/>\n\uf0a7 Construction of Special Economic Zone (SEZ) Sokoto<br \/>\n\uf0a7 Construction of Special Economic Zone (SEZ), Makurdi<br \/>\n\uf0a7 Completion of Consultancy Works On Ebonyi, Edo, Adamawa, Rivers, Bauchi, Enugu, Gombe, Nnewi, Abuja<br \/>\n\uf0a7 FGN investment in Enyimba Industrial Park, and Ibom Deep Sea Port and City<br \/>\n\uf071 N1 billion for Industrial Policy Reforms and Enabling Business Environment<br \/>\n\uf071 Export-Expansion Grant (EEG)<br \/>\n\uf0a7 N5.12 billion in the form of tax credit to support export via the Export Expansion Grant<br \/>\n\uf071 Recapitalisation of Bank of Industry (BOI) and Bank of Agriculture (BoA)<br \/>\n\uf0a7 N15 billion provisioned to support these development finance institutions to support Micro, Small and Medium Scale Enterprises (MSMEs)<br \/>\n\uf071 N10 billion provided as a grant to BOI to subsidize interest rate charged on loans to SMEs. This is intended to make it possible for the Bank to give them single digit interest loans.<br \/>\n<figure id=\"attachment_239\" aria-describedby=\"caption-attachment-239\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-239\" src=\"https:\/\/everyday.ng\/wp-content\/uploads\/2016\/06\/Buhari-osinbajo-udoma-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><figcaption id=\"caption-attachment-239\" class=\"wp-caption-text\">File Photo: President Buhari, Vice President Osinbajo, and Minister Udoma at a past budget preparation meeting<\/figcaption><\/figure><br \/>\n\uf071 Education<br \/>\n\uf0a7 N3 billion Provision of Security Infrastructure in 104 Colleges<br \/>\n\uf0a7 N1.8 billion for Payment of 5000 Federal Teachers Scheme Allowance<br \/>\n\uf0a7 N6.8 billion for various Scholarship allowances<br \/>\n\uf071 Niger Delta<br \/>\n\uf0a7 N1 billion for the construction and supervision of Gberegolor &#8211; Ogriagbene Road, Delta State<br \/>\n\uf0a7 N2 billion for the Construction of Agadagba \u2013 Akotogbo \u2013 Iyasan &#8211; Ovia River bridge Irele LGA,Ondo State<br \/>\n\uf0a7 N7.1 billion for various sections of the East-West Road<br \/>\n\uf0a7 N2 billionfor the construction of skills acquisition centres with resident supervision and furnishing\/equipping in nine states of the Niger Delta Region<br \/>\n\uf071 Regional Interventions<br \/>\n\uf0a7 N65 billion for reintegration of transformed ex-militants under the Presidential Amnesty Programme.<br \/>\n\uf0a7 N45 billion for Federal Initiative for North-East (Pilot Counterpart funding contribution)<br \/>\n\uf0a7 N10 billion as take-off grant for the North East Commission<br \/>\n\uf071 SDGs<br \/>\n\uf0a7 N40 billion for SDGs Intervention Programmes\/Conditional Grants<br \/>\n\uf0a7 N5.5 billion for other SDGs Projects<br \/>\n\uf071 Special Intervention Programme<br \/>\n\uf0a7 N500 billion for FGN Special Intervention Programme (including Social Housing, Home Grown School Feeding Programme, Government Economic Empowerment Programme, N-Power Job Creation Programme, Conditional Cash Transfers, etc)<br \/>\nConclusion<br \/>\n\u25aa The 2019 Budget of Continuity is intended to further reposition the economy on the path of higher, inclusive, diversified and sustainable growth, and to continue to lift significant numbers of our citizens out of poverty.<br \/>\n\u25aa The Budget also reflects the key execution priorities of the ERGP, namely Restoring Macroeconomic Stability; Agriculture and Food Security; Energy Sufficiency (in Power and Petroleum Products); Transportation Infrastructure; and Industrialization (focusing on SMEs).<br \/>\n\u25aa Government will continue to create the enabling environment for private sector to increase their investment and contribute significantly to job creation and economic growth.<br \/>\n\u25aa Already, diversification efforts are yielding positive results with significant growth in the non-oil sector (2.32% growth in Q3 2018, up from 2.05% in Q2 2018).<br \/>\n\u25aa Nigeria faces significant challenges with respect to revenue generation and this is being tackled vigorously. Key reforms will be implemented with increased vigour to improve revenue collection and expenditure management.<br \/>\n\u25aa Our aim is to take all measure necessary to ensure that we grow rapidly while maintaining fiscal sustainability<br \/>\nAbbreviations<br \/>\nGOE: Government-owned Enterprises<br \/>\nCIT: Company Income Tax<br \/>\nTSA: Treasury Single Account<br \/>\nSWV: Service-wide Vote<br \/>\nCRF: Consolidated Revenue Fund<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights of the 2019 Budget Proposals Background and Context of the 2019 Budget \uf0a7 The Nigerian economy emerged from recession in Q2 2017, and the macroeconomic environment has stabilized and is recovering gradually. \uf0a7 This has renewed confidence in the country\u2019s growth prospects. \uf0a7 The Economic Recovery and Growth Plan (ERGP), which underpins government\u2019s economic [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13982","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/13982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13982"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/13982\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}