As Nigerians continue to relish last week’s passage of the 2019 Appropriation Bill into law by the Senate, some financial analysts have said the budget may not support the growth of economy as expected.
According them, spending to gross domestic product was weak at 6.4 per cent, while capital expenditure was still below recommended levels. “Finally, the total recurrent expenditure to our 2019 revenue estimate is 168.3 per cent, suggesting that FG’s fiscal position is untenable. While the FG projects fiscal deficit at N1.9 trillion or 1.4 per cent of GDP, our estimates of N4.8 trillion and 3.4 per cent respectively shows that this is likely to be worse than expected,” they said.According to them, Nigerian National Petroleum Corporation , about $2 billion was spent on “cost under-recovery” or petrol subsidies in 2018.
“With a removal of petrol subsidies, and taking the 52.7 per cent revenue sharing formula into consideration, we estimate the FG could access from N321.5 billion to N707.2 billion in more revenues,” they said. A former Director General of the West African Institute for Financial and Economic Management , Prof. Akpan Ekpo, on his part, had called for closed monitoring of the budget implementation when signed into law by the president.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How 2019 budget can shore up investors’ confidence — Experts, NSE, LCCI – Daily TrustFull and proper implementation of the 2019 budget will shore up investors’ confidence in the Nigerian economy, some experts and the Lagos Chamber of Commerce and Industry (LCCI) have told Daily Trust. Though President Muhammadu Buhari has yet to assent to the budget, experts said speedy implementation would save the country of slipping back into …
Source: Daily Trust - 🏆 13. / 51 Read more »
Saraki, others get N23.678n as severance package in 2019 budget - Vanguard NewsTHE National Assembly yesterday passed the 2019 budget, by jerking the revenue size by N90billion this came as Senate President, Bukola Saraki and others got N23.678n as severance package vanguardngr God will judge him vanguardngr Luk at Wat Nigeria is turning too, high cost of governing,wen some citizens r in need of money. vanguardngr Reminds me of one office in Jabi.... 🚶🚶🚶
Source: vanguardngrnews - 🏆 5. / 75 Read more »
BUDGET 2019: FOWLER AND ALI AS METAPHOR - THISDAYLIVESaturday comment2 Cyril Okafor writes that the FIRS and Customs Service are working hard to meet the challenges of the time In political circles, the common saying is that “money is for spending”. Nothing confirms this again than the action of federal lawmakers and their counterparts in Lagos few days ago. In passing their budgets …
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Minimum wage already in 2019 budget, Jigawa workers will soon enjoy - Gov Badaru - Daily Post NigeriaThe Jigawa state government has pledged that workers in the state should expect full implementation of N30,000 minimum wage soon as the state had already c
Source: DailyPostNGR - 🏆 11. / 59 Read more »
‘Politicking’ Responsible For Delayed 2019 Budget Passage – Senator Ogbuoji'Politicking' Responsible For Delayed 2019 Budget Passage - Senator Ogbuoji.
Source: channelstv - 🏆 7. / 63 Read more »
YouTubeCTVpolitics Channels24_UK KayodeOkikiolu Then of what benefit was it ?
Source: channelstv - 🏆 7. / 63 Read more »
Reps Pass 2019 BudgetReps Pass 2019 Budget. One of the fastest budget passed in the National Assembly in recent years.
Source: channelstv - 🏆 7. / 63 Read more »
Three reasons HUAWEI Y6 Prime 2019 is an excellent option for budget and style. - Daily Post NigeriaHUAWEI Y6 Prime 2019, the latest smartphone from Huawei, builds on the foundation of its predecessor HUAWEI Y6 2018 and represents the perfect harmony betw
Source: DailyPostNGR - 🏆 11. / 59 Read more »
2019 budget: Low capital expenditure shows pressure on economy – Expert - Vanguard NewsAn Economist, Prof. Segun Ajibola says the low allocation of N2 trillion for capital expenditure in the 2019 budget shows the pressure on the economy.
Source: vanguardngrnews - 🏆 5. / 75 Read more »
2019: Another budget of wishful spending - Analysts – Daily TrustFinancial analysts at Afrinvest have said the 2019 budget will continue in economic underperformance over the medium-term because “nothing seems to have changed.” Last Tuesday, the National Assembly passed the 2019 Appropriation Bill of the Federal Government into law. This was concluded in record time considering that May 6, 2019, was the earliest time the …
Source: Daily Trust - 🏆 13. / 51 Read more »
2019 Budget: Don decries paltry allocation to education sectorAlhaji Waheed Kadiri, a two-term former Rector of , has criticised the paltry allocation to the education sector in the 2019 federal budget.
Source: TheNationNews - 🏆 6. / 69 Read more »