Nigeria is to issue new oil exploration licences as it struggles to find new ways of generating revenues to fund the 2017 budget, Budget and National Planning Minister, Udoma Udo Udoma (photo), revealed.

According to him, the Federal Government would also evaluate the current joint venture arrangements with oil companies, development of marginal oil fields and also put pressure on revenue-generating agencies to exceed their expected targets. Udoma added that the Federal Government is targeting a total of about $ 31.75 billion as revenue for the 2017 financial year.

“Non-oil revenues will rake in about N5.06 trillion. These revenues are expected to come from corporate and company taxes, liquefied natural gas (LNG), stamp duties, capital gains tax and value added tax. Others are Customs, excise, fees, surcharges on luxury items, special levies and Federal Government independent revenue. I know N7 trillion seems larger than N6 trillion but in actual US dollar terms, the 2017 budget is smaller. We have had challenges in revenue generation in funding the 2016 budget. The country is trying to get to the bottom of revenue generating agencies in order to raise more money,” he told Vanguard news.

Nigeria’s President, Muhammadu Buhari, is expected to present the 2017 budget proposal before a joint session of the National Assembly on December 14, 2016.

Anita Fatunji