FG sets up committee to raise additional revenue from oil sector

Nigeria’s government says it has set up a cabinet committee to come up with creative ways of raising additional revenue from the oil sector as it remains the major source of funding the 2017 budget.

The report of the committee is expected to be presented to the National Assembly as they consider the budget upon resumption in the New Year .

Minister of Budget and National Planning Udoma Udoma who disclosed this while giving a breakdown of the 2017 budget said though the government cannot determine the price of crude oil in the coming year, it is determined to engage with the communities and people in the Niger Delta to minimize disruptions to oil production.

“We can introduce creative measures to improve on the efficiencies in that sector so as to increase government take. Indeed, a cabinet committee has been set up by President Muhammadu Buhari to come up with innovative and creative ways to raise additional revenues from the oil sector, and other sectors to support the funding of the 2017 budget.
The report of this committee will be ready in time for the National Assembly to take this into account in cos ordering the budget in the New Year, when they return from their Christmas recess” Udoma said.

More details shortly ……