FG spent N6.46trn on debt servicing, personnel in 2020 – Minister

Finance minister makes new revelations about food and inflation

FG spent N6.46trn on debt servicing, personnel in 2020 – Minister   The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure. Ahmed spoke virtually while presenting the 2021 Federal Government approved budget. Providing updates on the 2020 budget implementation,…

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Senate passes 2021-2023 MTEF/FSP documents

Senate passes 2021-2023 MTEF/FSP documents

The passage followed the adoption of the recommendations of the report of its joint committees on National Planning and Finance, on the 2021-2023 MTEF and FSP documents. The documents were submitted by President Muhammadu Buhari to the Senate for consideration on July 21. Chairman of the joint Committee, Sen. Solomon Adeola (APC-Lagos), while presenting its recommendations said there was need for the National Assembly to ensure effective collaboration with the executive to ensure effective implementation of the MTEF and FSP. Following the presentations and contributions by some senators on need to cut cost of…

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FG: No budget support facility deduction from states till April 2021

Finance minister makes new revelations about food and inflation

The Federal Government of Nigeria has reassured that the deduction of the Budget Support facility to States would remain suspended until April, 2021. Recall that the federal government has been waiving the deductions since April this year as a supportive measure to help states finances stabilize. Zainab Ahmed, minister of finance, budget and national planning, stated at the National Executive Council (NEC) meeting of August 2019 the FG was making moves to recover the N614 billion given to 35 states as budget support facility. Ahmed had announced that the council…

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Cross River proposes over 80% budget cut on pandemic effect

Cross River proposes over 80% budget cut on pandemic effect

Governor Ben Ayade of Cross River State has finally revised downward the state’s 2020 budget of N1.1 trillion by over 80 per cent, pegging it now at N147.13 billion. This was disclosed by the Commissioner for Finance, Mr. Asuquo Ekpenyong Jnr., while addressing journalists on further tax reliefs to the people as a way to cushion the COVID-19 pandemic effects. Mr. Ekpenyong Jnr. said there had been negative effects of the pandemic on businesses in the state which made many in the tourism and service areas to close shop. He…

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Senate passes N10.8trn revised 2020 budget

Economy, Budget, 2020, Senate,

The Nigerian Senate, on Thursday, passed the Appropriation Act (Amendment) Bill, approving a budget of N10.805 trillion for the 2020 fiscal year, after consideration of a report by its Committee on Appropriations. Recall that the country’s House of Representatives had on Wednesday passed a revised 10.8 trillion budget, raising the revised spending plan of President Muhammadu Buhari by N296 billion late last month, basing oil prices at $28 per barrel up from the expected oil price by $3 per barrel. Of the sum of N10,805,544,664,642 to be issued from the…

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