2017 Budget: Federal government to issue new oil licences
- The federal government will issue new oil licences in 2017
- This is part of efforts to explore new streams of revenues
- The funds are to be used to fund the 2017 budget
The minister of budget and national planning, Mr Udoma Udo Udoma has revealed that the federal government will issue new oil licences in 2017, NAN reports.
The minister made the comment when he appeared before the Senate Joint Committee on Appropriation and Finance to defend the revised Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
According to Udoma, the federal government would also review the current joint venture arrangements with oil companies, marginal oil fields as well as mount pressure on revenue generating agencies to surpass expected targets.
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His words: “Non-oil revenues will rake in about N5.06 trillion. These revenues are expected to come from corporate and company taxes, Nigeria Liquefied Natural Gas, Stamp Duties, capital gains tax and value added tax.
“Others are Customs, excise, fees, surcharges on luxury items, special levies and federal government independent revenue.
“In actual dollar term, the 2017 budget is smaller. We have had challenges in revenue generation in funding the 2016 budget.’’
President Muhammadu Buhari proposed a N7.2trillion budget for 2017 at the Federal Executive Council (FEC) meeting on Wednesday, November 30, during which it was approved.
The approval of the budget, which is about 24 per cent higher than the 2016 budget is N6.06 trillion.
READ ALSO: 2016 Budget: We’ve released N3.6trillion so far- FG
Meanwhile, the federal government have listed some projects it intends to carryout in 2017.
The projects are:
1. Fund an electric-vehicle commuter project in some cities
2. Tree-planting projects in the north
3. Off-grid solar-power projects producing as much as 1,200 megawatts in the north
4. Support environment-friendly projects in the Niger Delta where the government aims to eliminate gas flaring by 2019
5. Continue the clean-up of the Ogoni land oil spills
Source: Legit.ng
