Low revenue a threat to budget

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Low revenue will constrain the implementation of the 2020 budget, Minister of Finance. Budget and Panning Mrs Zainab Ahmed said on Thursday.

She noted that 44 per cent of projected revenue would come from oil-related sources while the remaining 56 per cent is projected from the non-oil sector.

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According to her, because the implementation of the budget will start on January 1,  the operation of the 2019 budget has been terminated. There will be no release of capital funding henceforth.

The minister spoke on Thursday during the breakdown of the budget.

She explained that the government was doing its best to improve the Gross Domestic Product (GDP) growth rate to seven per cent

Mrs Ahmed said: “We have been able to release N1.2 trillion. We will not be making any more releases before the end of the year. We are not doing any more releases. However, there are some in various stages of processing that would be completed. The 2020 budget takes effect from January 1, 2020.”

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