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FG cautions companies on 2005 projections From Bright Ewulu, in Lagos The federal government has warned private sector operators across the country to be cautious in making projections for the coming year, saying they should not bank on high oil prices in the international market. The special adviser to the minister of finance, Dr. Bright E. Okogu gave the warning in a paper titled: “Review of 2004 Economic Performance and Outlook for 2005” which he presented at the Money Market Association of Nigeria (MMAN) retreat held at Gateway Hotel, Ota, Ogun State over the weekend. The event was graced by MMAN president, Mr. Funso Sobando, vice president Mrs Halima Kyari, among other dignitaries. According to him, the truth is that world oil prices the United states is able to restore some measure of peace in Iraq, or if non-OPEC oil producers increase production and if China, which has been driving the growing demand slows down. He said the above possibilities was responsible for the low benchmark oil price used in the 2005 draft budget by the federal government, stressing that other institutions should bear the possibilities in mind. He said that the adoption of an oil price-based fiscal rule, in providing non-oil revenue effort and maintaining high quality capital budget expenditure due process in 2005. He stressed that federal government expects that 2005 budget when passed into law will ultimately build on the gains of 2004 which he said include continued macro-stability, bring inflation under control, further increase the national foreign reserve, enhance infrastructure investment among others.   TO NEXT BUS PAGE...

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