Abuja – Mr Ayo Teriba, the Chief Executive Officer of Economic Associates, on Wednesday urged the Federal Government to seek other means of generating revenue rather than depending on oil alone.
Teriba, an Economist, who was reacting to the 2016 budget proposal by the Federal Government, gave the advise in a telephone interview with News Agency of Nigeria (NAN) in Abuja.
“Government revenue should be predominantly non-oil, government has a job to do, it has to find the money because the money is there judging by the size of the economy,’’ he said.
He said that from the Federal Government’s findings, some monies that were collected had leaked into private hands based on the reports about misappropriated funds.
He noted that these monies could have been from internally generated revenue, which the country needed as the non-oil revenue to boost the economy.
“But it is going to be the responsibility of the government to stop the leakage and let the revenue show in the budget,’’ he said.
Terriba observed that Federal Government had not given enough information to Nigerians on the proposed budget of N6 trillion for 2016.
He said that until enough information was gotten, the proposed budget could not be sufficiently evaluated.
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“Government has not given us enough information for the 2016 budget to give us a basis for evaluating it,’’ he said.
NAN reports that the Minister of Budget and National Planning, Sen. Udoma Udo Udoma had on Monday proposed a budget of N6 trillion for 2016 at an oil benchmark of 38 dollars per barrel.
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