Business Oil Crash: FG Urges State Govs to Implement Austerity Measures

L

LequteMan

Guest
Nigeria- The Minister of State for Finance, Mr Bashir Yuguda, on Friday urged state governments to adopt the austerity measures recently announced by the Federal Government to mitigate the effect of dwindling oil revenue.

"For the past two months, we have been advising states to key into the austerity measures that we are taking at the federal level to cushion the effect of the declining oil revenue.

"If not because the Federal Government has taken early measures to mitigate the effects of the falling oil revenue, we would have been sharing half of what we are sharing this month.

"So, if we are relying only on proceeds from crude oil sales for us to sustain ourselves, this would have been more difficult.

``So, my advice to the states is that they tighten up. Let them prioritise their spending. Let them reduce their recurrent expenditure," he advised.

Yuguda said that state government could copy the austerity measures of the Federal Government by making more efforts to generate more income through tax.

He cited tax on luxury items like mansion, private jets, wines and spirits, introduced by the Federal Government as area the states could consider for the generation of additional revenue.

He, however, disclosed that Nigeria and other members of Organisation of Petroleum Exporting Countries (OPEC) were doing their best to ensure that oil prices stabilised at the international market.


#Nigeria #OPEC #GDP
 

Attachments

  • jonathan angry.jpg
    jonathan angry.jpg
    5.8 KB · Views: 37
Back
Top