We will borrow to fund 2019 budget - Finance minister
The federal government on Wednesday, March 27, declared that it would fund the 2019 budget through borrowing.
According to Sahara Reporters, Zainab Ahmed, the minister of finance, who made this known after the Federal Executive Council (FEC) meeting in Abuja said the funds would be sourced locally and internationally.
Ahmed said: "We intend to fund the 2019 budget through borrowing locally and internationally with a spread of 50:50. Our focus is on concessionary long-term loans."
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He disclosed that local revenue generation comes with challenges, but noted that there are strategies in place to finance the 2019 budget.
Earlier, Legit.ng reported that President Buhari on Wednesday, December 19, proposed a budget of N8.83 trillion for 2019 to a joint session of the National Assembly, saying the budget was prepared after wide consultations.
According to the budget, about a quarter of the sum (N2.14 trillion) will be used for debt servicing while N2.031 trillion will be used for capital expenditure.
The proposed recurrent expenditure is N4.04 trillion, statutory transfer is N492.36 billion, there is a sinking fund of N120 billion, while capital expenditure is N2.031 trillion.
Legit.ng previously reported that the minister of finance, Zainab Ahmed, has been summoned by the House of Representatives over the recent protests by legislative workers under the Parliamentary Staff Association of the National Assembly.
The lawmakers summoned the minister on Thursday, December 6, to come and explain why funds meant for the National Assembly and the Judiciary were not released as captured in the 2018 budget.
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The summons followed a motion by the chairman of the House committee on rules and business, Edward Pwajok, on urgent public importance, where the lawmaker decried the disruption of legislative activities by protesting workers.
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Source: Legit.ng
