The adjustment, if approved, will result to a balance budget of US$536.2m, which is consistent with the Public Finance Management (PFM) Act. The austerity measures, according to the Chief Executive, necessitate some changes to address priorities of his government. For the FY2017/2018, the National Legislature approved a budget of US$563.5 to facilitate Government’s operations and undertake needed public sector investments. The approved revenue envelop for FY2017/2018 US$563.5M, representing a 6.1 percent reduction to approved amount of US$600.2M for FY 2016/2017. Use of goods and services projected at US$128.7M out of which US$80.9M was allotted, leaving US$47.9M as balance in appropriation.

Source: Front Page Africa March 09, 2018 03:11 UTC