The Federal Executive Council (FEC) had earlier pegged crude oil price at $38 per barrel with a proposal of N6trillion for the 2016 budget.
Unlike the last administration of President Goodluck Jonathan, where the Finance Minister, Ngozi Okonjo-Iweala presented the budget to the National Assembly, Buhari will personally present the budget to a joint session of the National Assembly.
Giving an insight on what to expect from the 2016 budget
Minister of Information, Lai Mohammed and minister of Budget and Planning, Udoma Udo-Udoma stated after the FEC meeting that the taxation laws will have to be reviewed and loopholes in the collection of taxes will have to be blocked to improve the revenue generation of the country.
According to Mohammed, two major memos were presented at the FEC meeting, the first was the memo by the attorney general,Abubakar Malami , for a review for the extant taxation laws, in order to improve the legal framework and enhance compliance which was duly approved.
He also said the second memo was the memo presented by the minister of Budget and National Planing , seeking for approval of the 2016 budget which was also approved.
He said: “We have noticed some inadequacies in the current tax regime and that these inadequacies have been exploited by both individuals and corporate organisations to evade tax which has led to loss of revenue to the government. The review aims at plugging these loopholes”.
On his part, minister of Budget and Planning,Udoma disclosed that the details of the budget will be presented today at 10am and everything will be there in President Buhari’s budget address.
According to Mohammed, two major memos were presented at the FEC meeting, the first was the memo by the attorney general,Abubakar Malami , for a review for the extant taxation laws, in order to improve the legal framework and enhance compliance which was duly approved.
He also said the second memo was the memo presented by the minister of Budget and National Planing , seeking for approval of the 2016 budget which was also approved.
He said: “We have noticed some inadequacies in the current tax regime and that these inadequacies have been exploited by both individuals and corporate organisations to evade tax which has led to loss of revenue to the government. The review aims at plugging these loopholes”.
On his part, minister of Budget and Planning,Udoma disclosed that the details of the budget will be presented today at 10am and everything will be there in President Buhari’s budget address.
It would be recalled that the National Assembly last week passed the Medium Term Expenditure Framework (MTEF) which is a prelude to the budget.
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