The Senator representing Adamawa Southern Senatorial District, Mr Binos Yaroe has commended and Praised President Muhammadu Buhari for working hard to return Nigeria to a calendar circle budget year that runs from January to December.
Yaroe who is the Vice chairman,senate committee on capital market said the previous years was characterised with budget delays, making implementation problematic,but the current leadership of the Senate and the Presidency have resolved the issue and returned Nigeria to a budget calendar year.
He extolled the efforts of the President by directing the heads of agencies and ministries to ensure that within the windows provided by National Assembly not to embarks in any foreign travels that will hamper the approval process,but to appear in person to defends their budgets.
He further commended the administration of Buhari for increasing the threshold of enterprise that are liable of paying VAT to threshold of 25 millions, meaning that any enterprise that has a turn over of 25 millions or less is exempted from paying VAT.
He however raised concerns on the general structure budget,which according to him is the total estimation of 8.14 trillion and the total expenditure of the budget is 10.33 trillion.
Mr Binos worried that the projection is geared toward consuming more than the country can earn,saying that if the country borrowed to consume is mortgaging the future of the entire country and generation yet unborn.
Lamenting that the dependence on oil sector as the major source of revenue is not possible to achieve the expected good budget year with the 57 dollars per barrels and less production of oil per day because of Niger Delta instability