Mr. Minister, Sir, Your numbers dont seem to add up. [ I have tried to interpret the budget numbers as best as I can using the Daily Observers reporting which, in itself, is a highly risky business. The lack of both precision and consistency in language makes the job even riskier. For example, the Finance Minister said he intends to eliminate (and not reduce) fuel ( and not petroleum-based) products. The arithmetic is also not adding up, as you will see below 15% of the projected revenue for 2015 still remains unexplained. Lets go over the numbers again to see where some of the problems are or may be on the revenue side of the ledger. ] In tabling his 2015 Budget, the Finance Minister said, and I quote ...total revenue and grants in 2015 is projected to go up by 31% over 2014 approved budget to D11,197 million. 25% of the revenue projected will come mainly from the elimination (and not reduction) of subsidies in fuel (petroleum?) products. The Minister then said that 60% of the projected tax revenue is coming from grants and expected tax efficiency through improved structural reforms. What are these structural reforms and where are they going to take place? GRA, Customs and Excise? Who is providing budget support in 2015 given the poor economic management issues that have plagued this regime for so long, not to mention the deplorable human rights record that has relegated it to pariah status. The Minister must respond to these question because 60% of his projected revenue rests on these tax efficiency measures. To recap, 25% of the projected revenue comes from the elimination of fuel subsidies. 60% from tax efficiency measures that will be introduced in 2015 which adds up to 85%. Well, what about the remaining 15% which remains unexplained. We hope it will be explained in the Budget Speech or in 2015 Estimates or both. Sidi Sanneh
Posted on: Mon, 08 Dec 2014 07:38:43 +0000
Trending Topics
Recently Viewed Topics
© 2015