To improve access to education, we have made provision for the establishment of five new Federal Science and Technical Colleges. As at July 2020, the Federal Government’s actual revenue available for the budget was N2.10 trillion.
This followed consideration of the report of … The Appropriation Act was also predicated on projections of crude oil production of 2.18 million barrels per day, oil benchmark of $57, exchange rate of N305 to the dollar, gross domestic product (GDP) growth rate of 2.93 per cent, inflation rate of 10.81 per cent and the statutory transfer of N556.7 billion. Furthermore, the Central Bank of Nigeria is reducing the interest rate on its intervention facilities from 9% to 5% with a 1-year moratorium till 31st March 2021, to provide concessional lending of: N100 billion to households and small businesses; N100 billion to the healthcare and pharmaceutical industry; and.
The sum of N484.49 billion provided for Statutory Transfers in the 2021 Budget represents an increase of N56.46 billion (or 13 percent) over the revised 2020 provision. The 2021 Budget deficit (inclusive of Government Owned Enterprises and project-tied loans), is projected at N5.20 trillion. I have directed the Minister of Finance, Budget and National Planning to provide a detailed breakdown of key infrastructural projects in her subsequent Press Briefing. The US government unilaterally opposition to Okonjo-Iweala is despite the fact that the WTO selection committee determined she clearly carried the largest support by members and enjoyed broad support from members at all levels of development and from all geographic regions. Accordingly, we have prioritized projects that can be rapidly completed to benefit our people. These include: N227.02 billion for the Ministry of Interior; N441.39 billion for the Ministry of Police Affairs; N545.10 billion for Ministry of Education; N840.56 billion for Ministry of Defence; and.
There are no comments at the moment, do you want to add one? The House of Representatives has passed the 2020 revised budget, increasing the proposed sum from N10.509 trillion to N10.805 trillion. The bid by the World Trade Organization (WTO) to choose a new Director-General by next week could be delayed by at least one month, due to the rapid spread of coronavirus pandemic in Switzerland, which houses the headquarters of the multinational trade organization. In the course of this address, I will present the highlights of our budget proposals for the next fiscal year. I am glad to report that these efforts enabled us to effectively respond to the public health challenge of Coronavirus outbreak and moderate economic impact. The projected deficit of N4.98 trillion, or 3.57 percent of GDP, is expected to be financed mainly by borrowing. So, all our standing Committees should ensure that we continue to carry out our oversight”, the Senate President said. He said value for money is one way of ensuring that Nigerians are impacted positively through government interventions and Programmes. The passed 2020 revised budget is N300 billion more than the revised budget plan that was originally submitted by President Buhari. Despite Nigeria’s record quarterly GDP growth of 2.55% in Q4 2019, inﬂation The revisions are necessary to help the federal government adjust to reduced oil prices as a result of the COVID-19 pandemic. It can be recalled that Geneva’s cantonal authorities, on Sunday, announced strict new lockdown measures, following a surge in COVID-19 infections and hospitalizations in the Swiss city. So the borrowing, the drawdown of the multilateral loan coming from special accounts and coming from the privatization will fund the fiscal deficit of N5.365 trillion that we have in the proposed amendment of the 2020 budget.”. Post was not sent - check your email addresses! The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the Coronavirus Pandemic.
We urge Nigerian businesses and individuals to make the most of these concessional credit facilities and other such opportunities. She said the government has also commenced engagements with the leadership and key committees of the National Assembly on the plans, such that once the 2020 amendment budget was completed, the government would expeditiously seek necessary presidential and legislative approvals. The proposed amended budget, the minister explained, would provide for the COVID-19 Crisis Intervention Fund and other adjustments required due to the decline in international crude oil prices.
The Itakpe-Ajaokuta Line was finally completed after over 30 years since it was initiated and commissioned in September 2020. The Senate Committee on Federal Character and Intergovernmental Affairs, on Thursday, November 5, 2020, asked State House officials to stop President Muhammadu Buhari from embarking on foreign trips for medical treatment and put the State House clinic in order and equip it. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to the North, and the South-South as well as South-East to the North, and South-West, respectively. Revised 2021-2023 Medium Term Fiscal Framework 08/10/2020 2020 Second Quarter and Half Year BIR 07/10/2020 2020 First Quarter Budget Implementation Report 05/10/2020 CTRL + SPACE for auto-complete. The Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, has announced that the Continuous Voter Registration (CVR) exercise will commence in the first quarter of 2021, ahead of the 2023 general election. On the expenditure side, as at end of July 2020, a total of N5.37 trillion had been spent as against the pro-rated expenditure of N5.82 trillion. “We have done this, but we have other things waiting for us in relation to this. It is important to note that the Continuous Voter Registration (CVR) exercise which will commence in the first quarter of 2021 ahead of the 2023 general election would capture new registrants including those who have reached the national voting age of 18 years, and those that have issues with their PVCs, such as replacement of lost or defaced cards and transfers from former locations. “Crude oil production is at 1.94 million barrels per day and then an exchange rate of N360 to $1. Implementation of service-based electricity tariffs. The President in 2019, lamented that Nigeria loses too much to medical tourism, urging stakeholders to come up with a solution. It also increases the projected oil price by $3 per barrel, which is from $25 per barrel to $28 per barrel. Accordingly, the deficit was N3.27 trillion.
Nigerian Senate on Thursday passed the sum N10.805trillion as the revised budget for the 2020 fiscal year. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. READ: Who stands to benefit from the estimated ₦250bn INEC budget?
All agencies have been directed to ensure that they obtain all necessary approvals before embarking on any fresh recruitment. These efforts include: Deregulation of the price of petroleum products; Ongoing verification exercise with IPPIS; and. Nevertheless, Government is determined to tackle the persisting problems with domestic resource mobilization, as there is a limit to deficit financing through borrowing.