ABUJA (Sundiata Post) – The Federal Government is targeting further release of N100 billion for capital projects as captured in the 2016 Budget.
This is in addition to the N332 billion already released since the budget was signed.
Vice-President Yemi Osinbajo who made the disclosure on Thursday during the 2016 Presidential Policy Dialogue Session, organised by the Lagos Chamber of Commerce and Industry, said efforts were being made to increase non-oil revenue and address the economic challenges facing Nigeria.
He also said that government has concluded plans to bring in an additional 700,000 companies into the tax net to shore- up its revenues.
Osinbajo explained that the government intends to keep capital spending in the budget at a minimum of 30 per cent in this fiscal year, saying other policy instruments used to help the economy include the Treasury Single Account, “which has brought transparency into inflows & outflows of government monies.”
“Accordingly, we have already made capital releases of N332bn, with another N100bn set to be released in the next few days,” he added.
Osinbanjo said, “A great effort has been made to improve non-oil revenues. This includes bringing an additional 700,000 companies into the tax net as compared to the targeted 500,000 set at the beginning of the year.
“We have had three such interventions including the latest loan of N90bn as part of a fiscal responsibility plan for states.
“These interventions have helped to boost household spending, which were key steps to prevent the economy from falling into deep recession.”
According the VP, the country’s milled rice capacity was being increased from three million tons annually to 10 million tons of paddy annually.