The Minister of Budget and National Planning Udoma Udoma has assured that the fall in oil prices will not affect the 2016 budget.
A statement by the Director of Information Charles
Dafe says this was made known when a top delegation of the African Development
Bank ADB visited his ministry.
The Minister assured that the officials that reforms
aimed at diversifying the revenue base is currently ongoing.
Senator Udoma, who noted that the country was counting
on assistance from developmental partners like the ADB to access the N1.8
trillion loan for infrastructural development, further reassured that his
ministry will proactively plan, advise and monitor all matters relating to
national development and ensure that vital developmental policies are
implemented by all relevant stakeholders.
The Minister’s assurance comes as
the Federal Government denies requesting for a 697billion naira emergency loan
from the World Bank and the African Development Bank.
The loan, which is reported to be an
equivalent of 3.5billion dollars, to fund a 2.9trillion naira deficit in the
2016 budget.
Reports said the World Bank is to
provide $2.5billion dollars of the loan, while the African Development Bank
will provide 199billion naira, an equivalent of One billion naira.
Under World Bank rules, its loan
will be subjected to IMF satisfaction that government’s economic policies
conform to laid down guidelines.
Nigeria’s economy is still reeling under the effects
of falling crude oil price.
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