Sanni Onogu, Abuja
joint session of the Nationwide Meeting in September this 12 months whereas the Minister of Finance, Finances and Nationwide Planning, Mrs. Zainab Ahmed yesterday met with the management of the Nationwide Meeting on plans to submit the 2021-2023 Medium Time period Expenditure Framework and Fiscal Technique Paper (MTEF/FSP) later this month.
The minister whereas briefing principal officers of the Senate and Home of Representatives led by the Senate President, Ahmad Lawan, and the Speaker, Femi Gbajabiamila, in Abuja, mentioned President Muhammadu Buhari had given directives for the Ministry to expedite motion on subsequent 12 months’s price range estimates to allow him current the proposal to the Nationwide Meeting by the top of September this 12 months.
Mrs. Ahmed, in line with an announcement by the Particular Assistant (Press) to the Senate President, Ezrel Tabiowo, additional disclosed that in preserving strictly with the January – December price range cycle, the President will right now signal into legislation, the revised N10.eight trillion price range for the 12 months 2020 handed by the Nationwide Meeting in June.
She mentioned: “This for us is a journey in direction of making certain that the progress that we now have made as a collective to return the fiscal 12 months to January – December is maintained for the 2021 price range as effectively.
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“The president has directed that we should ship the price range to the Nationwide Meeting by the top of September.”
She mentioned whereas giving an replace on price range 2020 implementation between January and Might 2020, said that the Federal Authorities’s retained income was N1.48 trillion, representing 56 per cent of presidency’s goal.
She added that out of the money generated as income, oil accounted for N701.6 billion; non-oil tax revenues N439.32 billion; Corporations Earnings Tax (CIT) and Worth Added Tax (VAT) collections – N213.24 billion and N68.09 billion; and Customs collection-N158 billion, respectively.
riod (January – Might 2020), she mentioned N1.25 trillion was expended for debt service; and N1.32 trillion for personnel value, together with pensions.