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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   COVER STORIES FG to finance budget deficit with excess crude fund By Omoh Gabriel, Emma Ujah & Ben Agande Wednesday, October 27, 2004 ABUJA— THE Federal Government yesterday gave a break down of the 2005 budget to the House of Representatives   Committee on Finance. According to the details of the budget estimates released to the House Committee, the Federal   Government will use N158 billion  of the excess revenue from oil to finance the 2005 budget deficit. The 158 billion is Federal   Government’s share of the excess crude oil revenue. Government also plans to raise N70 billion from the capital market to finance the budget. Government said in the breakdown of   the budget that N15 billion would come from the sales of government properties while N4 billion would be realised from   privatisation. Other sources, the government said, will account for the balance of N67 billion thus making up the N314 billion   financing gap in the 2005 budget. The federal executive which presented the details of its revenue estimates to the House of Representatives Committee on   Finance, said gross target of N3.617 trillion was the expected revenue for 2005. The summary of the gross federation revenues   in 2005 shows that: Crude oil sales would account for N1.696 trillion; PPT and royalties would bring inN1.206 trillion. Customs   and Excise is expected to generate N190 billion just as VAT is expected to yield N167 billion. CIT, on the other hand, will   contribute a total of N206 billion and independent revenue N100 billion. Education Tax and other levies will fetch N54 billion.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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