Besides, it would explore new sources of revenue during the 2017 fiscal year as part of the government's plan to fund the 2017 budget as well as get the country out of economic recession.
The 2017 budget, which was initially pegged at N6.6866 trillion as contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), was revised upward to N7.298 trillion. In 2016, the government submitted N6.059 proposed budget to the National Assembly, which eventually raised it to N6.08 trillion.
He said the Federal Government would issue new oil licences as part of efforts to explore new streams of revenues to fund the 2017 budget. He said that the Federal Government would also review the current joint venture arrangements with oil companies, marginal oil fields as well as mount pressure on revenue generating agencies to surpass expected targets.
Minister of Budget and National Planning Senator Udoma Udo Udoma stated this when he appeared before a joint committee of the Senate on Appropriation and Finance to defend the revised Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
Udoma told the committee that the Federal Government will issue new oil licences, review the subsisting joint venture with oil companies, review marginal oil fields and mount pressure on revenue generating agencies to raise funds to finance the 2017 budget. Udoma said the Federal Government pegged oil benchmark at $42.50. The benchmark of oil was $38 per barrel in the 2016 budget.