Abuja – Budget and National Planning Minister, Senator Udoma Udo Udoma on Tuesday told the Senate Committee on Finance that some slight adjustments had been effected on the 2019 Medium Term Fiscal Framework and Fiscal Strategy Paper between when it was approved by the Federal Executive Council and the finalization of the 2019 Budget Proposals.
He explained that Capital releases only commenced after the signing of the 2018 Budget on June 20, 2018; and as at January 11, 2019, a total of N1.226 trillion had been released for capital projects. To achieve these objectives, the Minister said fiscal, monetary and trade policies will continue to be aligned and implemented in a very coordinated manner. “The strategy recognizes the need to deliberately cushion the effects of adjustments on the poor and vulnerable members in the society.”·2019 FGN spending is projected to be N8.83 trillion, less than FY2018 approved budget by 3.22%.
·For comprehensiveness and transparency, the expenditure plans of the top nine Government-owned Enterprises , as well as Multi-lateral and Bi-lateral project-tied loans have been integrated into the 2019 – 2021 Medium Term Fiscal Framework, but have not been included in the budget proposal. Explaining the basis for the 2019 assumptions, the Minister said notwithstanding the softening in international oil prices in late 2018, the considered view of most reputable oil industry analysts is that the downward trend is not necessarily reflective of the outlook for 2019. Currently, the average Brent oil price projection for 2019 by 32 different institutions with relevant expertise is still about $69/b.