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Buhari Set to Signs Revised N10.8 Trillion 2020 Budget into Law Today

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Buhari Set to Signs Revised N10.8 Trillion 2020 Budget into Law Today

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.

Also Read: Buhari Signs Executive Order Implementing Financial Autonomy for State Legislature and Judiciary

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.

“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.”

 

 

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FG is committed to enhancing quality life for Nigerians — NDE

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By Gistflash News

July 29, 2021

The Federal Government says it remains committed to  creating employment, reducing poverty and enhancing quality life for Nigerians.

Malam Ibrahim Faisal, the State Coordinator,  National Directorate of Employment (NDE) in Adamawa stated this  in an interview with the News Agency of Nigeria (NAN) on Thursday in Yola.

Faisal said the ongoing training for graduates in the country on agricultural intervention policies and their impacts on employment  would have positive effect on the economy.

Faisal said  the objective of the training was to empower the trainees with requisite skills to reduce the unemployment and provide more food.

“The trainee are to be equipped with modern agribusiness skills on income generating opportunities in post harvest and handling of agricultural products, importance of livestock, its products and feed formulation for a sustainable agribusiness venture.

“They are also being trained on the use of improved agronomical practice and other agriculture inputs such as the use of chemical sprayers, herbicides, improved seeds and fertiliser application to increase productivity in agribusiness,”  he said.

NAN

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Forex: CBN directs commercial banks to set up teller points

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By Gistflash News

July 29, 2021

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians.

The News Agency of Nigeria (NAN) reports that the directive was sequel to CBN’s decision to discontinue sale of forex to Nigerians through the Bureaux de Change operators.

The directive was contained in a letter to the DMBs by Haruna Mustafa, Director, Bank Supervision Department of the apex bank, on Thursday in Abuja.

“Further to the Monetary Policy Committee briefing of July 27, all DMBs are hereby reminded to set up teller points at designated branches across the country.

“This is to fulfil legitimate FX requests for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments and SMEs transactions, among others.

“In this regard, DMBs are also required to adequately publicise the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically in compliance with extant regulations,” he said.

Mustafa further advised DMBs to ensure that no customer was turned back or refused FX provided that documentation and all other requirements are satisfied.

“Equally, undue delays, rationing and/or diversion of FX is strongly discouraged whilst DMBs are required to establish electronic application and alert systems to update customers on status of their FX requests,” he added.

He explained that a toll-free line had been set up at the CBN for bank customers to escalate unresolved complaints related to their FX requests.

Mustafa said that the CBN would continue to closely monitor banks’ conduct and compliance with the directive in order to ensure an efficient FX market for all legitimate users.

NAN

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Youth group offers N600, 000 to vulnerable female students in Nasarawa

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By Gistflash News

July 28, 2021

Youth Assembly of Nigeria (YAN) has donated N600, 000 to 10 vulnerable female secondary school students in Nasarawa State to ameliorate their academic burdens and promote Girl-Child education.

Habiba Iliyasu, Minority Leader of the Assembly, made the disclosure on Wednesday in Lafia at the final stage of the maiden inter-Secondary Schools debate for girl-child education organised by the group.

According to the minority leader, the group carefully selected 10 vulnerable female students from secondary schools across the three senatorial zones of the state to benefit from the N600,000.

“Each selected child will get N60,000 that would be spread across three months from the education support funds by us.

“For the debate, four secondary schools participated and the first position got N40,000; second position N30,000; third position N20, 000 while fourth position got N10,000,” the minority leader added.

Iliyasu, an Assembly woman, said the group came up with the laudable educational programmes to promote sound, accessible and qualitative education for girl-child.

Similarly, Mr Shuaibu Sani, National Speaker of YAN said the group had deliberately designed the educational programme to give a platform for the girl-child to excel educationally.

He said that apart from equipping the girl-child with the necessary knowledge, the debate was also aimed at training the girl-child to be good public speaker.

The National Speaker added that the debate would be an annual event and promised that subsequent edition would be more robust and include more schools.

Sani, therefore, commended the Nasarawa State Government and other individuals and groups that made the event a success.

In his goodwill message, Gov. Abdullahi Sule of Nasarawa State expressed gratitude to YAN for organising a debate aimed at promoting education.

The governor represented by Hauwa Ogah, Permanent Secretary, Ministry of Women Affairs and Social Development, said developing education sector was the topmost priority of his administration.

The governor explained that education had the highest allocation in the state’s budget since he assumed office two years ago to demonstrate his determination to transform the sector.

The News Agency of Nigeria (NAN) reports that Government Girls Secondary School, Garaku, took first position, Government Science School, Lafia emerged second while Government Science School. Nassarawa-Eggon, and Government Girls College Wamba, came third and fourth respectively.

NAN

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