Nigerian President Muhammadu Buhari on Thursday presented a record 13 trillion-naira budget for 2021 to members of the National Assembly. We have proposed that this amount be appropriated into personnel, overhead and capital expenditure as follows: The proposed fiscal year 2021 Recurrent Expenditure stands at Ninety Billion, Eight Hundred and Ten Million, Nine Hundred and Fifty-One Thousand, Seven Hundred and Forty-Nine Naira (, 90,810,951,749) only, representing 68% of the total budget. We are counting on you to bring the same spirit to the consideration and passage of the 2020 Supplementary budget and the 2021 Budget proposals which I now lay before you. In light of the rapid pace of infrastructure and transport developments across Africa, our Ports, Transport and Logistics (PTL) Sector Group is pleased to present Bowmans' latest PTL news round-up. Federal Ministry of Budget and National Planning, Government Integrated Financial And Management Information System. List of Towns in Anambra State Arranged in Alphabetical Order.
There was a problem processing your submission. The revised 2020 Budget anticipated aggregate revenue estimates of One Hundred and Eight Billion, Eight Hundred and Twenty-Two Million, Six Hundred and Eighty-Three Thousand, One Hundred and Eighty-One Naira (. ) 1 November 2020.
Providing further insight into why greater attention is being focused on the GOEs, the minister said: "The 60 government owned enterprises are agencies or businesses that are owned by government. Email : Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq).
var addy40570 = 'info' + '@'; Mr. Speaker, Honourable Members, we are mindful that the implementation of the proposed 2021 budget will have its challenges. HMFBNP Public Presentation of 2021 FGN Budget 13/10/2020. Nigeria is sinking deeper into debt. "I wish to note that the budget proposal seems to have set the right priorities with the bulk of capital spending going to Works and Housing, Power and Transport. “As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation. 16. 9. 2020 First Quarter Budget Implementation … 11. By using this website, you agree with our use of cookies to improve its performance and enhance your user experience. Millions of people worldwide have tested positive to the COVID-19 pandemic already, with hundreds of thousands of deaths worldwide. The sum is made up of Nineteen Billion, One Hundred and Eighty-Six Million, One Hundred and Twenty-Two Thousand, Seventy-Two Naira and Sixty Kobo (, ) only expended on Personnel cost, the sum of Nineteen Billion, Two Hundred and Seventeen Million, Nine Thousand, Twenty Seven Naira and Eighty-Three Kobo (, ) only used for Overheads cost, while the sum of Nine Billion, Seventy-Eight Million, Five Hundred and Fifty-Six Thousand, One Hundred and Ninety-Seven Naira and Eighty-One Kobo (, ) was expended on Capital items. 2021 Appropriation Bill 08/10/2020. Government provided the capital to run them. 17.
Given Nigeria's vast human and natural resources (which position her as a frontier market and potential investment haven) and against the background of the recent rebasing of her GDP (which resulted in her emergence as Africa's largest economy), ... A Cooperative Society is a voluntary association of individuals, united by common bond, who have come together to pursue their economic goals for their own benefits. Mr. Speaker, Honourable Members, the national macroeconomic situation continues to be uncertain, even as the country itself continues to be unstable in the face of protests, strikes and generalized insecurity. We as leaders cannot just lament how bad things are; we must lead in finding solutions. POLITICS NIGERIA reports that the President, who arrived at the assembly complex exactly 11:03am, was only accompanied by Vice President Yemi Osinbajo and a few ministers. We are undertaking state-wide payroll reform, including the deployment of technology using the Nigeria Inter-Bank Settlement System (NIBSS). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms).
Uwaleke believes the assumptions and budget parameters are realistic except for the exchange rate of N379 to the dollar that may not hold due to the ongoing process of unifying exchange rates across all forex windows by the Central Bank of Nigeria (CBN) consistent with the International Monetary Fund (IMF) prescription. "The value and quantum of solid minerals mined in Nigeria on a yearly basis will be in trillions, if the federal government lives up to its sacred duty of harnessing public resources to develop Nigeria.
All Content provided "as is" without warranty of any kind. only was provided for capital development. She said: "Several measures are being instituted to improve government revenue and entrench a regime of prudence with emphasis on achieving value for money. The Executive Council is satisfied that these expenditures were essential and in the best interest of the State.
We are undertaking a debt sustainability analysis with the aim of restructuring some of our existing financial obligations and thereby reducing the monthly repayment burden on our revenues. Related Post .
2. 6. The State Government will continue to support the diligent work being done by the COVID–19 Action Committee headed by His Excellency, the Deputy Governor. We also expect that our faithful implementation of the World Bank-assisted States Fiscal Transparency and Sustainability (SFTAS) and the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) and other existing or new programmes and other effective collaborations with development partners will translate to impact on the ground and in some cases a boost to state revenues. By submitting above, you agree to our privacy policy. Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors. Mr. Speaker, Honourable Members, as we have seen, the proposed fiscal year 2021 capital expenditure budget is and the sum of Forty-One Billion, Seven Hundred and Eighty-One Million, Eighty-Nine Thousand, Five Hundred and Sixty-One Naira (. )) 2021 Budget Speech 08/10/2020. In today's world, the reality is that sports is a business.
Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services. They may also use it to provide Mondaq users with information about their products and services. 2021 Appropriation Bill 08/10/2020. (c) exchange rate of N379 to the dollar will remain stable; (e) revenue sharing formula holds steady or improves with respect to the Statutory Allocation and Value Added Tax (VAT) distribution to the States; (f) continued institutional strengthening of internally generated revenue collection in the State in collaboration with the Local Government Councils; (g) blockage of leakages in internal revenue generation by our MDAs and remitting of all collections into the Government’s Treasury Single Account; (h) further acceleration and strengthening of the financial management reforms embarked upon under the World Bank-supported State Fiscal Transparency and Sustainability (SFTAS) programme for results, which will earn enhanced revenue for improved results; (i)successful takeoff of the new World Bank-assisted Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) programme-for-results; (j)other commitments with our development partners will be further strengthened; (k) herdsmen attacks and other clashes and forms of criminality are eliminated or reduced; (m) goodwill of domestic and foreign creditors, investors and development partners in respect of debt servicing reliefs and emergency financing and aid; (n) no new wave of lockdowns or restrictions of movement due to the COVID-19 pandemic and a broader and rapid reopening of all segments of the national economy; (o) an end to the ENDSARS protests and no further threats to stability and predictability in the national and global political economy.
We are also looking to facilitate a public-private partnership to establish a major food basket market to boost the sector and create more jobs. Revenue Estimates January-December 2021 (Naira), COVID-19 responsive expenditures (% of total expenditures) =, 28.
Mr. Speaker, Honourable Members, we are all witnesses to the fact that 2020 has been a difficult year for the world and for our country and our State. – Ramifications Of The Newly Introduced Settlement Mechanism Under Turkish Competition Law, © Mondaq® Ltd 1994 - 2020. AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic.