03:39 GMT +313 November 2019
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    Venezuela's President Nicolas Maduro speaks during a meeting with deputies of Venezuela's United Socialist Party (PSUV) and ministers at Miraflores Palace in Caracas, in this handout picture provided by Miraflores Palace on January 22, 2016

    Over 80% of Venezuela’s State Budget Tax-Reliant: Maduro

    © REUTERS / Miraflores Palace/Handout via Reuters
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    Venezuelan President Nicolas Maduro has announced that over 80 percent of the country’s budget is now non-reliant on oil and will be formed with domestic taxes.

    MEXICO CITY (Sputnik) – Maduro signed Venezuela’s 2017 budget on Friday, bypassing a review of the draft by the National Assembly.

    "This year we are approving the budget mandated by the Supreme Court and the Constitutional Chamber, 83 percent of the budget we will pay with domestic taxes in the country and 17 percent with oil," Maduro said as quoted by VTV on Friday.

    Venezuela’s opposition has warned that Maduro’s decision to strip the National Assembly of its budgetary oversight is against the country’s constitution.

    Venezuela has been in a state of an economic emergency since January. Venezuela’s opposition blames the president for the drastic situation in the country and hopes to hold a recall referendum to remove Maduro from power.

    Up to 96 percent of Venezuela’s budget depends on oil revenues. Public support for Maduro has dropped to record lows after falling oil prices strained Venezuela’s budget, sparking high inflation and food shortages.

    Tags:
    state budget, Nicolas Maduro, Venezuela
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