{"id":28670,"date":"2018-12-10T10:28:31","date_gmt":"2018-12-10T09:28:31","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=28670"},"modified":"2018-12-10T10:28:31","modified_gmt":"2018-12-10T09:28:31","slug":"budget-cut-poverty-level-may-jump-to-90m-in-2019-experts","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/budget-cut-poverty-level-may-jump-to-90m-in-2019-experts\/","title":{"rendered":"Budget Cut: Poverty Level May Jump To 90m In 2019- Experts"},"content":{"rendered":"

Alhaji Kassimu Kurfi, a chartered accountant and capital market expert, at the weekend in Lagos, lamented the decision of the Federal Government to reduce the 2019 budget size at a time the nation\u2019s population is growing at a steady 3% rate, just as the number of those within the poverty bracket.<\/p>\n

Speaking on \u201cBudget delays and implications on the economy and stock market,\u201d at the 2019 Traders and Investors Success Summit (TISS) in Lagos, Kurfi, chief executive of APT Securities & Funds Limited, expressed reservation at the government\u2019s decision to cut the budget by N400bn.<\/p>\n

In real terms, he told participants that the \u201cpopulation of Nigerians living within the poverty level will rise to 90million or more by 2019.\u201d<\/p>\n

Breaking this down, Kurfi said at the growth rate of Nigeria\u2019s population on the average, six million people are being added to the number on yearly basis, adding that such persons need to be catered for.<\/p>\n

The situation, he said, is made worse by the yearly average inflation growth rate of about 13%, adding that when factored into the budget, means the government would effectively spend just N7.7tr next year.<\/p>\n

\u201cWith government spending shrinking, the multiplier effect will be more to the economy,\u201d he said, wondering why government\u2019s revenue should fall by N840bn in 2019 compared to 2018.<\/p>

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The falling stock markets indices, he continued, reflect what is happening in the economy, warning that \u201cexcept the outlook improves with strong economic policies and positive government statements to reassure of a rebound in the economy, recovery could take a longer time in coming.\u201d<\/p>\n

To address the challenges, he reiterated calls for an intensified diversification of the economy farther from oil, even as the \u201cPetroleum Industry Bill must be passed into law to reduce corruption to the barest minimum so that (the nation\u2019s) refineries will operate at maximum capacity.\u201d<\/p>\n

As part of ways to broaden the nation\u2019s revenue base, Kurfi urged government to attract much more people into the tax net, to achieve a target Tax-GDP ratio of 20%, from the current paltry 8%.<\/p>\n

Besides intensifying the fight against corruption so that the nation\u2019s scarce resources are better utilized, the APT boss called for a re-organization of \u201cthe budget management framework so that issues between National Assembly and Executive are settled amicably within short period and the budget passed one month after submission.\u201d<\/p>\n

Other topics and their speakers at the summit with the theme: Best Returns In 2019 & Beyond: Adopting The Billionaire Mentality In Stock Selection,\u201d included \u201cPre-election year performance Review and post-election Investing opportunities,\u201d \u2013Mrs Toyin F. Sanni, Group CEO of Emerging Africa Capital Group; Simple Strategies for picking undervalued stocks With Fundamental & Technical Tools, Abdul-Rasheed Oshoma Momoh, Head, Capital Market, TRW Stockbrokers Limited; Mastering Market Dynamics & Dividend Techniques For Income Growth in 2019, Ambrose Omodion, Chief Research Officer, InvestData Consulting Limited. Others included: Psychology of Equities Trading For Managing Positions & Money, Engr. Ekwueme Mike Anaydibe, Head, Fixed Income Sales at TRW Stockbrokers Limited; Nigeria\u2019s Post Election Economy & 2019 Sectoral Analysis, Razaq Abiola, Economist\/Head, Investor Relations and Portfolio Investment at United Bank for Africa Plc; Picking the Right Stocks for Financial Independence and to Retire Rich, Mike Uzor, Managing Director of Datatrust Consulting Limited<\/p>\n","protected":false},"excerpt":{"rendered":"

Alhaji Kassimu Kurfi, a chartered accountant and capital market expert, at the weekend in Lagos, lamented the decision of the Federal Government to reduce the 2019 budget size at a time the nation\u2019s population is growing at a steady 3% rate, just as the number of those within the poverty bracket. Speaking on \u201cBudget delays …<\/p>\n","protected":false},"author":6,"featured_media":27712,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[2839],"coauthors":[2391],"class_list":["post-28670","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-budget-implementation"],"yoast_head":"\nBudget Cut: Poverty Level May Jump To 90m In 2019- Experts - National Wire<\/title>\n<meta name=\"description\" content=\"Alhaji Kassimu Kurfi, a chartered accountant and capital market expert, at the weekend in Lagos, lamented the decision of the Federal Government\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/budget-cut-poverty-level-may-jump-to-90m-in-2019-experts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget Cut: Poverty Level May Jump To 90m In 2019- Experts - 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