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Government cautioned on bloated recurrent expenditure in budget

06 March 2015, 12:14

Lagos - The Chartered Institute of Taxation of Nigeria (CITN) on Thursday urged the Federal Government to cut down the proposed recurrent expenditure in 2015 budget.

The President of CITN, Mac-Anthony Dike ,made the call at the instituute's first quarterly news conference on tax and revenue issues in Lagos.

According to Dike, savings from this could be used to boost critical areas needed to hedge the economy from revenue volatilities.

Also read: Reps accuse Jonathan of aiding budget fraud

He also called on the government not to base its budget beyond 55 dollars per barrel benchmark citing what he termed the realities of the global crude oil market.

Dike advised government to also focus on using any excess from a rise in crude oil price to boost the critical revenue buffer needed to hedge the economy from revenue volatilities.

The Institute, he said, also welcomed reports that the government was thinking of refocussing on exploiting the non-oil sector to boost its revenue.


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