joint session of the National Assembly in September this 12 months whereas the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday met with the management of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later this month.
The minister whereas briefing principal officers of the Senate and House of Representatives led by the Senate President, Ahmad Lawan, and the Speaker, Femi Gbajabiamila, in Abuja, stated 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 National Assembly by the top of September this 12 months.
Mrs. Ahmed, in accordance to a press release by the Special Assistant (Press) to the Senate President, Ezrel Tabiowo, additional disclosed that in preserving strictly with the January – December price range cycle, the President will today sign into regulation, the revised N10.eight trillion price range for the 12 months 2020 handed by the National Assembly in June.
She stated: “This for us is a journey in direction of making certain that the progress that we have now made as a collective to return the fiscal 12 months to January – December is maintained for the 2021 price range as effectively.
“The president has directed that we should ship the price range to the National Assembly by the top of September.”
She stated whereas giving an replace on price range 2020 implementation between January and May 2020, acknowledged that the Federal Government’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; Companies Income Tax (CIT) and Value Added Tax (VAT) collections – N213.24 billion and N68.09 billion; and Customs collection-N158 billion, respectively.
riod (January – May 2020), she stated N1.25 trillion was expended for debt service; and N1.32 trillion for personnel price, together with pensions.