The Minister of Finance, Budget and National Planning, Zainab Ahmed, came to the National Assembly to discuss with the leadership of the Senate on Thursday, regarding the 2021-3023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
She revealed that President Muhammadu Buhari would accent to the 2020 revised budget today.
The briefed principal officers of the Senate and House of Representatives led by the Senate President, Ahmed Lawan, and the Speaker, Demi Gbajabiamila.
She stated that President Buhari had issued orders to the ministry to expedite necessary actions so as to present the 2021 budget estimates to the National Assembly by September ending this year.
— Fed Min of Info & Cu (@FMICNigeria) July 10, 2020
The minister said they strictly keeping the January-Dexember budget cycle, which the President will tomorrow sign into law the revised N10.8 trillion budget for the year 2020, which was approved by the Senate back in June.
She said the President has directed that the budget must be submitted to the house by September.
The minister said the Federal Government has retained its revenue for January and May 2020, which was N1.48 trillion, which is about 56% of the Federal Government target.
She also mentioned that oil revenue was at N701.6 billion, non oil tax revenues N439.32 billion. Also she said Company Income Tax and Value Added tax collections, which all amounted to N213.24 billion and N68.09 billion respectively, as for Customs, in generated N158 billion.
She also mentioned that other revenues generated amounted to N339.51 billion in which independent revenues was N80.22 billion.
Also the recoveries on stamp duty are yet to reflect the fiscal year account.
Also on the side of the expenditure, the minister said N1.25 trillion was spent I the servicing of debt while 1.32 trillion was used for personal expenditure which includes pensions.
She said a total of N253.33 billion has been used for capital expenditure.