Revenue slump, militancy raise doubts over 2016 budget – Guardian

Failure to meet revenue targets for the first and second quarters, persistent oil production shut-in from militancy and foreign exchange supply challenges have renewed concerns on the feasibility of the 2016 budget.

The problems have also cast a shadow over the newly inaugurated flexible rate policy.

According to experts who spoke to The Guardian at the weekend, it is going to be tough for the country implementing its fiscal plan without a corresponding revenue and unresponsive foreign exchange environment.

In another development, more than two months after President Muhammadu Buhari signed the N6. 06 trillion Appropriation Act into law, it appears members of the House of Representatives are still in the dark as to the level of implementation of the budget.

Meanwhile, the Federal Government has released N127.99 billion for the execution of projects in the 2016 fiscal plan at the end of June, representing about 2.1 per cent of N6.06 trillion total budget.