…As Finance Minister consults NASS leadership on 2021-2023 MTEF/FSP

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.

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.”

https://www.vanguardngr.com/2020/07/buhari-signs-revised-n10-8trn-2020-budget-into-law-today/

We hope it makes economic gains

Paddy-Paddy government.

U bring, i sign, u defend, we share.

A government whose opposition is as weak as dodo; what do you expect!

Let’s just hope and pray we still have channels to borrow from, when they finally loose their deadly grip.

But the year is almost gone, and you are to present 2021 budget in Sept. This is where padding could have been legal else people chop this one and wait for Sept again

The average Nigerian doesn't even know what is on going in this country.

S/He have been so impoverished, deprived of strength and vitality that all focus is on a getting a daily MANNA .

We have one here, a youth that literally changed his BBQ handle to political handle.

One can only wonder hownwicked this world could be, the truth is that there is no GRILL anywhere

It's just a shell company to launder BMC's money.

If you know, you know.

Must watch!!!


https://www.youtube.com/watch?v=X7c5Rb_ETTo

Do people even still have hope in this country

m

Agenda must Agend.
Let him read the contents of the paper....




Meanwhile BUY/SELL your ETHEREUM with us.

Hmmm

���

Signing unfunctional budget yearly

Signing budgets every year... I neva see any fruit, rather underdevelopment want kill us.

One major sector this budget should fill in is the employment sector. Fund recruitment! Fund recruitment! Fund recruitments!
Take people off the street that's what a functional government should prioritize

Dem just dey chop this money

will comment later

Which 2020?....is there another 2020 coming up that we don’t know about?

Good morning ☀️

where all this money dey go?

HALF OF THAT BUDGET GO ENTER THEIR POCKETS

ELDERLY LOOTERS

Na small small

God one day, man must chop this national cake

Gradually crude oil is bouncing back if what they saying is true. Tho the Government can’t be trusted all the time.

Wow


Clap for yourself Mr President

Let it reflect in our economy.... And not in few peoples accounts

.

Budget of debts repayment
Mtcheew

Hmm.. Another National cake don land for boys

OK naww

Over 1trilliion for debt servicing??

Cashing out soon.


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