Mid-year budget review: We are going to make sure we spend within our limit – MoF

The Ministry of Finance (MoF) has assured that it is bent on spending within its limit throughout the year.

Speaking to Starr FM in an interview on Thursday morning, the Technical Adviser at the Ministry of Finance, Dr. Abudu Abdulganiyu said the Minister of Finance will not ask for a supplementary budget when he visits Parliament to deliver the mid-year budget review.

“In 2023 we recorded a balance of about 3.9 percent and that was against a target of about 5.7 percent. It does tell you that when we are talking about reducing we are capable of doing so because what we projected for 2023 we recorded a lower primary balance by the end of 2023.

“As I speak to you we are on course to actually achieve the 0.5 percent surplus based on our review of the mid-year figures. In July, the Finance Minister will be going to parliament to do the mid-year budget review and one of the things we have indicated is that we are not going to ask for a supplementary budget,” Dr. Abdul-Ganiyu disclosed.

According to him, while the Ministry of Finance will not ask for more money from Parliament, it is also not looking at introducing new taxes.

He said the Ministry plans on spending according to the already approved 2024 Budget.

“No new taxes, we are not going to ask Parliament to approve any more money for us. What we have within the 2024 budget we are going to make sure we spend within that. So that gives us the confidence that by the end of the year, we should be able to achieve that kind of primary balance,” Dr. Abdul-Ganiyu said.