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Full implementation of budget may be difficult says CBN

27 May 2016, 17:11

Abuja - Central Bank of Nigeria (CBN) yesterday said that it will be difficult to implement the budget fully with the delay in the passage of the Appropriation Bill, Sun reports

This is as the Acting Chairman, Fiscal Responsibility Commission (FRC), Victor Muruako said the Federal Government may be losing over N1trillion due to the non-remittance of operating surplus.

Making a presentation during the first edition of the Nigerian Economic Stakeholders Summit, in Abuja,  the  Director, Monetary Policy Department, Central Bank of Nigeria, Moses Tule called for coordination between fiscal and monetary policies.

He said without effective co-ordination of both policies, it would be difficult for the country to return to the path of growth.

The Director called on the government to avoid the mistake of  2016 budget adding that with the budget in which implementation is starting about five months into the year, stressing it would be difficult to ensure its full implementation.

Minister of Finance, Kemi Adeosun, corroborating the statement by CBN said the full implementation of the N6.03 trillion 2016 budget will depend on the ability of the federal government to meet its revenue targets, according to Thisday.

- News 24


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