The federal government has expressed its willingness to ensure a better financing of the N8.83 trillion 2019 budget.
Ministries, Departments and Agencies present at the hearing all indicated that key assumptions and micro-framework of the 2019 budget were based on a projection of 2.3mbpd oil production, oil price benchmark of $60 per barrel, exchange rate of N305 to a dollar, 9.98 inflation rate, 119,28 trillion nominal consumption, 139.65 trillion nominal GDP and 3.01 per cent GDP growth rate.
The breakdown according to him, was oil revenue ; Company Income Tax of N637,25 billion and Customs collection of N303,91 billion to take all possible measures to achieve the targeted oil production of 2.3 million barrels per day. He said: “For the year 2018, the federal government gave the FIRS a collection target of N6,747 trillion. Analysis of actual collection figures for the year ended December 2018 shows that we collected a total of N5.320 trillion, which represents 78.86 per cent of the target.
Some of such measures, according to him, are through Strategic Revenue Growth Initiative , tax audit, use of technology , integration with GIFMIS for federal MDAs, eService and Mobile Payment Options, sustained enforcement activities, voluntary assets and income declaration scheme and amendment of tax laws to improve collection.
“This will create avenue for genuine reconciliation of all accrued revenues against claimed remittances to the various designated government accounts.”The government also said it will adopt concessionary financing for the 2019 budget deficit rather than commercial.