Connect with us
X
Categories:

News

Buhari To Sign Revised ₦10.8 Trillion 2020 Budget Into Law Today

The Terrorist!

Published

on

President Muhammadu Buhari will today sign into law the revised 2020 budget of N10.8 trillion. The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, disclosed this yesterday while briefing the leadership of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later this month.

Download & Install The New ANE Android App To Your Device
Hello!! Have you heard about the deadly virus called Coronavirus? No? See What It Is & How To Prevent It Here. Also Stay Connected & Get Latest Updates On Coronavirus Here. Please be safe! We LOVE You.


Ahmed, who briefed principal officers of the Senate and House of Representatives, led by the Senate President, Ahmad Lawan and speaker, Femi Gbajabiamila, said the President had given directives for the Ministry to expedite action on next year’s budget estimates to enable him present the 2021 budget proposal to the National Assembly by the end of September this year.

“This for us is a journey towards ensuring that the progress we have made as a collective to return the fiscal year to January – December is maintained for the 2021 budget as well.

“The President has directed that we must deliver the budget to the National Assembly by the end of September,” the Finance Minister said.

Ahmed, while giving an update on the 2020 budget implementation between January and May 2020, stated that the Federal Government’s retained revenue was N1.48 trillion, an amount representing 56 percent of government’s target.

She added that out of the sum generated as revenue, oil revenues accounted for N701.6 billion; non-oil tax revenues N439.32 billion; Companies Income Tax (CIT) and Value Added Tax (VAT) collections – N213.24 billion and N68.09 billion; and Customs collection N158 billion, respectively.

She added: “Other revenues amounted to N339.51 billion, of which Independent revenues was N80.22 billion. Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal accounts.’’

On Expenditure performance for the same period (January – May 2020), the minister disclosed that N1.25 trillion was expended for debt service; and N1.32 trillion for Personnel cost, including Pensions.

According to her, as at the end of May 2020, only N253.33 billion had been released for capital expenditure.

Ahmed, while giving underlying assumptions driving the macro-economic parameters and targets of the 2021 – 2023 Medium Term Expenditure Framework, said same was “revised in line with the emergent realities.”

She said oil price benchmark for the 2021 fiscal year was pegged at $35; and $40 for 2022 and 2023, respectively.

Oil Production (mbpd) was placed at 1.86 for 2021, 2.09 for 2022, and 2.38 for the 2022 fiscal year; while the Exchange Rate remains at N360 to USD$1.

“Although Nigeria’s total production capacity is 2.5 million barrels per day, current crude production is about 1.4 million barrels per day – in compliance with the Organisation of the Petroleum Exporting Countries’ production quota – and an additional 300,000 barrels per day of condensates, totaling about 1.7mbpd,’’ the minister said.

She added that while the World Bank forecasts that crude oil prices would rise gradually from an average of $42 per barrel in 2021 to $44.5 per barrel in 2022; and $47pb in 2023, it was also expected that Brent crude oil prices might average $41 per barrel during the second half of 2020 and $50pb during 2021, climbing as high as $53pb by the end of next year.

“The nominal Gross Domestic Product (GDP) is expected to increase from N130,836.1 billion in 2020 to N132,125.4 billion in 2021 and then up to N138,415.8 billion in 2023,” Ahmed said.

Earlier in his welcome address, the Senate President, Ahmad Lawan, said: “This meeting is holding at the instance of the Minister of Finance, Budget and National Planning, and the main purpose of the meeting is for the Minister to brief the leadership of the National Assembly on the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.

“Therefore, it will not be wrong to say that the journey to the presentation of the 2021 budget estimates by the Executive arm of Government has started in earnest.

“It is our expectation in the National Assembly, that this journey will lead to the presentation or laying of the budget estimates by the President before the end of September by the grace of God.”


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Reach us on WhatsApp via: +2348104471989

Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Don’t Miss!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.




Latest Exchange Rate

Donate To ANE!


Mind buying a coffee to support us here at All Naija Entertainment?. Yes?

Donate Now
Baby Walkers
Lifestyle1 month ago

Buying Guide On Baby Walkers for 2021

Burna Boy
Entertainment2 months ago

2021 Grammy Awards: Burna Boy Promises An Unforgettable Performance Experience

Lionel Messi Barcelona Sevilla Copa Del Rey Semi Final
Sports2 months ago

Copa del Rey: Barcelona conquer Sevilla despite 2-0 down!!

PANDORA'S BOX Story
Stories2 months ago

[STORY] PANDORA’S BOX (Episode 06)

BITCOiN
Technology3 months ago

Best Time to Sell Your Bitcoin [EASY GUIDE]

BITCOiN
Technology3 months ago

Bitcoin Crashes, Loses $10,000 In Value

News3 months ago

30 Million Nigerians Will Be On Drugs By 2050 – NDLEA

Cristiano Ronaldo
Sports3 months ago

Serie A: Ronaldo’s Brace Set Juventus Free From Crotone

News3 months ago

Fulani Herdsmen Deserve Better Treatment From Nigerians – Bauchi Former Gov

Justin Trudeau
News3 months ago

Insecurity: Canada Issue Warning to Citizens Against Traveling to Nigeria

NCDC Chairman Chikwe Ihekweazu
News3 months ago

Nigeria Govt Confirms Discovery Of New Covid-19 Variant, 15 Others

Akwa Ibom Best Hotels ANE Travels
Lifestyle3 months ago

How To Detect Hidden Camera in a Hotel Room!!

WhatsApp
Technology3 months ago

WhatsApp To Deactivate Messages For Users Who Reject New Terms!!

Nissi
Entertainment3 months ago

Afro-Jazz/funk Singer, Nissi’s ‘Move X 2’ Is A Rare Delightful Visual

Kim Kardashian
Entertainment3 months ago

Kim Kardashian Officially Files For Divorce From Kanye West!!

Kanye West
Entertainment3 months ago

Kanye West Thinks Kim Kardashian Is Divorcing Him Because Of Presidential Run

Banky W and Adesua Pregnant
Entertainment3 months ago

Banky W, Adesua Etomi Welcome Baby Boy!!

JImoh Ibrahim
News3 months ago

Jimoh Ibrahim: Court Vacates Order Against Assets Over Alleged N69.4bn Debt

Business3 months ago

Nigeria To Supply Electricity To Togo From Calabar Power Plant

Victor Osimhen
Sports3 months ago

Napoli Confirm Victor Osimhen Head Injury, Say No ‘conclusive Result’ After Tests

ANE Billboard Hots!



Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.





Copyright © All Naija Entertainment.

css.php