The Joint House Committee on Finance, Legislative Budget and
Research, National Planning and Economic Development as well as Loans, Aids and
Debt, which is saddled with the responsibility of scrutinizing the 2013-2015
Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper has
recommended an increase in the crude oil benchmark for the 2013 budget from $75
to $82 per barrel.
It has also slashed the budget deficit for next year from
N1.3 trillion to N791.26 billion and is proposing that internal borrowing be
reduced from N727.19 billion to N381.25 billion, representing a 52 per cent
cut.
The hike of the oil benchmark is expected to increase the
federally collectible revenue in 2013 from N7.3 trillion to N7.9 trillion, and
will also increase the Federal Government's share of revenue from N3.561
trillion to N4.137 trillion.
In a report presented to the House, the committee observed
that the gloomy picture painted by government on the volatility in the global
oil market and fears that crude oil prices may crash within the period under
review was not realistic. The report addresses modifications to the MTEF and
Fiscal Strategy Paper based on the contributions of members of the House at
their meeting. It is also premised on submissions by revenue generating and
accounting agencies of government.
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