The Federal Government revealed to the Senate yesterday that President Muhammadu Buhari will present before the joint National Assembly, the 2021 Appropriation Bill in September.
Revealing this in Abuja while briefing principal officers of the Senate and House of Representatives led by the Senate President, Ahmad Lawan, and the Speaker, Femi Gbajabiamila.
Minister of Finance, Budget and National Planning, Zainab Ahmed said that President Muhammadu Buhari had directed the Ministry to accelerate action on next year’s budget estimates to enable him to present the 2021 budget proposal.
Meanwhile, it was reported that the Minister of Finance, Budget and National Planning, Zainab Ahmed met with the leadership of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) in June.
Zainab Ahmed in the meeting with National Assembly leaders revealed that in keeping strictly with the January – December budget cycle, the President signed into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.
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.
On Expenditure performance from (January – May 2020), Zainab Ahmed revealed that N1.25 trillion was expended for debt service; and N1.32 trillion for Personnel cost, including Pensions, she said that as at the end of May 2020, only N253.33 billion had been released for capital expenditure.
She also stated that the Oil Price Benchmark for the 2021 fiscal year was pegged at USD$35; and USD$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.
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