2021 Budget Deficit: Buhari writes Senate to approve $6.2bn external loan

2021 Budget Deficit

2021 Budget Deficit: Buhari writes Senate to approve $6.2bn external loan     President Muhammadu Buhari has sought the approval of the Senate for an external loan of $6.183 billion, to fund the deficit of N5.602 trillon in the 2021 Appropriation Act. This is contained in a letter addressed to the President of Senate, Dr Ahmad Lawan, and read at plenary on Tuesday. The president said the request was in line with the provisions of sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act 2003. He said the loan…

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Senate approves N216.646bn FIRS’s 2021 budget

Senate approves N216.646bn FIR’s 2021 budget

Senate approves N216.646bn FIRS’s 2021 budget     The Senate has approved N216,646,579,231.00 as 2021 budget for the Federal Inland Revenue Service (FIRS). The Senate also approved the upward review of the revenue target of FIRS from N5.076 trillion last year to N7.61 trillion this year. These resolutions of the upper chamber followed its consideration of a report by the Senate Committee on Finance. Chairman of the Committee, Senator Solomon Adeola, said FIRS targets total revenue collection of N7.61 trillion for the year as against N5.076 trillion budgeted last year,…

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Oil price hits $55 per barrel; sets 11-month high record

Oil price hits $55 per barrel

Oil price hits $55 per barrel; sets 11-month high record Raises hope for Nigeria’s 2021 budget Saudi’s voluntary output cut to thank   The international oil benchmark, Brent crude, extended its gains on Friday, rising above $55 per barrel, in what is a potential boost to Nigeria’s crude oil export revenue. Brent crude, against which Nigeria’s oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more than $15 higher than the Federal Government’s benchmark for the 2021 budget. The 2021…

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Buhari set to sign N13.58trn 2021 budget tomorow

Economic council engages Buhari on three disturbing national issues

Buhari set to sign N13.58trn 2021 budget Thursday, last day of 2020   Barring any last minute change in plan, President Muhammadu Buhari will sign the 2021 Appropriation Bill into law tomorrow, Thursday, it was gathered. The National Assembly had last Monday passed the N13.58 trillion budget for the next fiscal year. It had been the desire of the present regime to restore the country’s budget to January to December cycle. This was achieved with the 2020 budget which Buhari signed into law on December 17, 2019. It is also…

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President Buhari signs N13.588trn 2021 Budget

President Buhari signs N13,588trn 2021 Budget

President Muhammadu Buhari on Thursday in Abuja signed the 2021 budget or Appropriation Bill of N13,588,027,886,175 into law. The president’s action followed the earlier passing of the bill by the National Assembly on Dec. 21 during an emergency session convened for the purpose of passing the budget. The signing of the budget is also in line with the president’s promise to return the nation to the January to December Budget circle. The budget estimate was increased by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233…

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PwC’s update on Nigeria’s 2021 budget

PwC National U-17 cricket tournament

Nigeria’s 2021 Budget of Economic Recovery and Resilience Following the approval of the 2021 – 2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper, President Buhari has presented the 2021 Budget (Appropriation Bill) to the joint session of the National Assembly. Below are the other highlights:   The 2021 Finance Bill will be forwarded to NASS for consideration Tax expenditure statement for 2019 to be provided Inclusion of the revenue and expenditure of 60 State Owned Enterprises  Provision for the payment of allowances to 5,000 teachers under the Federal Teachers Scheme…

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Nigeria commences fiscal journey to 2021 as lawmakers get N13.08trn budget draft

Nigeria commences fiscal journey to 2021 as lawmakers get N13.08trn budge draft

President Muhammadu Buhari presented a record 13.08 trillion naira ($34.4 billion) budget for 2021 to lawmakers on Thursday. The budget represent an increase from last year as the country takes on the ensuing crisis brought about by the new coronavirus pandemic. As the president laid the 2021 fiscal document before the legislature, Ahmed Lawan, the senate president promised the treatment of the budget would be hasten to ensure its pasage as quickly as possible. Meanwhile, ahead of this important occasion, the senate had on Wednesday gone ahead to pass the…

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FEC Okays N13.08trn For 2021 Budget

The Federal Executive Council (FEC) chaired by President Muhammadu Buhari has approved N13.08 trillion as budget proposal for 2021. Zainab Ahmed, the minister of finance, budget, and national planning, announced this on Wednesday while briefing State House reporters on the outcome of the FEC meeting held at the Council Chamber of the Presidential Villa, Abuja. Ahmed briefed in company of the Minister of Information and Culture, Lai Mohammed; the Minister of State, Budget and National Planning, Clement Agba; and the Director General of the Budget Office of the Federation, Ben…

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Buhari to lay N12.65trn 2021 budget before NASS next week

NASS, 2021 Budget

President of the Senate, Ahmad Lawan, on Tuesday, announced that President Muhammadu Buhari would present the 2021 budget estimates to a joint sitting of the National Assembly next week. Welcoming lawmakers back from the Senate’s annual recess, Lawan commended the Joint Committee on Finance and National Planning for the comprehensive legislative work on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper. Recall that the Federal Government had last month announced plans to spend a record N12.65tr in 2021, despite the severe revenue constraints characterized by low crude oil…

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