THE Federal Government told the Senate yesterday that President Muhammadu Buhari will present before the joint National Assembly, the 2021 Appropriation Bill.
Minister of Finance, Budget and National Planning, Zainab Ahmed briefed principal officers. They include Senate President, Ahmad Lawan, and the Speaker, Femi Gbajabiamila. She said that President Muhammadu Buhari had directed the Ministry to expedite action. This should be on next year’s budget to enable him to present the 2021 budget proposal
The Minister met with the leadership of the National Assembly. The meeting include the plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later this month. Ahmed further disclosed that in keeping strictly with the January – December budget cycle, the President will today sign into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.
The Minister said:
“This for us is a journey towards ensuring that the progress that 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.
According to her, 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.”
“Other revenues amounted to N339.51 billion, of which Independent revenues were 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), Ahmed disclosed that N1.25 trillion was expended for debt service. Another N1.32 trillion for Personnel cost including Pensions.”
The Finance Minister said that as at the end of May 2020, only N253.33 billion had been released for capital expenditure.