BONDS TO FINANCE NIGER STATE’S 2016 BUDGET

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Niger state government is to restructure the existing bonds and also explore avenues for new bonds to make up for this year’s budget as a way of ensuring adequate funding to finance its programmes and projects for this fiscal year.

The Commissioner of Finance, Alhaji Ibrahim Balarabe, disclosed this yesterday at a session with the appropriation committee of the state House of assembly in Minna.

Balarabe’s disclosure came on the heels of the concerns raised by the Chairman of the appropriation committee Hon Mohammed Bashar Lokogoma on some grey areas of budget financing as contained in this years budget that was yet to be passed into law.

The Commissioner stated that the government will restructure the ongoing bonds by the government and also go to the capital market for new bonds to ensure that the budget is adequately financed.

He stated that the executive arm was not unaware of the dwindling revenue from the federation account and the government will shore up the expected shortfall with money from the bonds.

Also contributing the Commissioner of planning stated that the outcome of the recent National Economic council summit showed that the federal government was also putting measures in place to make the burden of paucity of funds in the states less severe. Nda Mohammed stated that parts of the measures included expected increase in the revenue from Value Added Tax VAT and the stamp duty while the executive will put into consideration supplementary budget if the need arises.

Earlier the Chairman of the appropriation Committee stated that the house of assembly is ambitious about passing the budget next week but will not disregard grey areas that may pose problem for the government in the course of implementation.

 

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