The Federal Government of Nigerian has said that it would submit the 2018 budget proposal to the National Assembly very early in October this year.
This disclosure was made by the Minister of Budget and National Planning, Senator Udo Udoma, on Thursday in Abuja during a public dialogue with top government officials, members of civil society organisations and the Organised Private Sector, among others, on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The minister said the decision to submit the 2018 budget proposal early was in line with provisions of the Fiscal Responsibility Act, 2000.
Speaking on the parameters for the 2018 budget, Udoma said that the Federal Government was targeting to spend the sum of N7.9tn as against N7.44tn this year, The Punch reports.
The minister further added that the fiscal deficit was expected to rise to N2.77tn from N2.35tn in the 2017 fiscal year and that there was no need for Nigerians to panic about the country’s debt burden.
He noted that the early submission of the budget proposal to the lawmakers would give them enough time to consider the fiscal document and pass it on time.
The minister said the overall goal of the government was to ensure that the country returned to a predictable budget year, which would run from January to December.
Udoma Said: “We are having extensive consultations and all the inputs from the various consultations will be taken into consideration in preparing the MTEF and Fiscal Strategy Paper.
“The MTEF outlines the Federal Government’s fiscal policies and our macroeconomic projections for the next three years from 2018 to 2020, and it provides the broad framework for the 2018 budget.
“And as you know, we are committed to delivering the 2018 budget to the National Assembly by the beginning of October, and this is part of that process.”