An economist, Mr Boniface Chizea, has described the projections and assumptions of the 2014 budget proposal sent to the National Assembly as realistic but called for a faithful implementation of the proposal.
Analysing the 2014 Budget on Channels Television’s programme, Business Morning, Mr Chizea insisted that the oil benchmark should have been left at 74 dollars as proposed by the executive and not $77.5 per barrel as agreed by the National Assembly.
Mr Chizea, who is a financial consultant, believes a prudent oil benchmark price will ensure that Nigeria saves more, and increase its external reserves.
The 4.6 trillion Naira budget was presented to the National Assembly by the Minister of Finance, Dr Ngozi Okonjo-Iweala, on December 19, 2013.
Mr Chizea stressed that the late presentation of the budget would lead to poor implementation.
“By now we should have a system in place that will ensure that there is an early presentation of the budget,” he said.
He also called for the diversification of the economic base of the country to boost revenue from non-oil resources.
