▪︎Nigeria faces $14b revenue gap; grim reality of over dependence on oil
He said that the presentation of the budget by the president would set the tone for quick consideration and passage of the Appropriation Bill into law by the National Assembly.
Just like last year’s budget, which the National Assembly expeditiously passed into law, thus enabling the President to also quickly give his assent to set the stage for January-December budget cycle, both the NASS and the Executive arm of government are looking to repeat the same feat.
Both arms had resolved since 2019 to institutionalise the policy of January-December budget cycle for effective budget implementation through timely quarterly releases and judicious expenditures.
Meanwhile, Lawan, had stated in his welcome address that the country is “confronted with over $14 billion revenue gap and the grim reality of over dependence on oil.”
He said that the country must diversify into agriculture, solid minerals, Stella development and manufacturing as part of measures to address the revenue gap..
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