He made this disclosure in a statement issued by the Director of Information in the ministry, Charles Dafe, in Abuja on Sunday.
He said that ongoing reforms were targeted at diversifying the revenue base of the country and would go on to guarantee the achievement of the budget.
“Our budget is achievable; we have ongoing reforms targeted at diversifying our revenue base away from single oil commodity economy.
“Our Minister of State for Petroleum, Ibe Kachikwu, is assiduously applying innovative financing in the oil sector to address any likely revenue gap from our projected oil revenue.
“Plugging leakages through zero tolerance to corruption, application of sound public financial management and improved revenue collection system are reforms targeted to achieve the budget,” it said.
The statement also added that the ministry would plan, advice and monitor all matters relating to national development, adding that it would also ensure that vital development policies were properly implemented by all stakeholders. He went on to add that allocation of 30 percent of the budget allocation to capital projects was important for the stimulation of economic growth and development.
The Minister of State for Budget, Ms. Zainab Ahmed, however, said “substantial monies from recoveries of looted funds were not factored in as sources of revenue and as such would also be utilized for our development projects.
“We are counting on assistance from other developmental partners like the African Development Bank to access N1.8 trillion loans needed for Nigeria infrastructural development.
“Assistance is also required in our 2016-2020 medium Term Expenditure Frameworks and the Nation’s Sustainable Development Goal.”
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