Presidency, Agencies Hold Consultations On 2021 Budget
NEITI Foresees Rebound In Nigeria Revenue
Federal Government agencies in the Presidency at the weekend held consultations for the 2021 budget.
The latest budget circular issued by the Ministry of Finance, Budget and National Planning put the expenditure ceiling of the 2021 pre-bilateral proposal for the Presidency at N10 billion compared with N15.3 billion of the revised 2020 budget passed by the National Assembly.
Deputy Director of Information in the State House, Attah Esa, in a statement said the Permanent Secretary, State House, Mr Tijjani Umar, led the 2021 budget bilateral meeting between government agencies under the Presidency and officials of the Federal Ministry of Finance, Budget and National Planning.
The virtual meeting took place on Saturday, September 12, at the conference room of the State House administrative block. Umar was quoted: “The preparation of the 2021 budget estimates takes into consideration the policies and strategies in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
Meanwhile the Nigeria Extractive Industries Transparency Initiatives (NEITI) has projected that monies accruing to Nigeria’s federal purse for sharing between the federating units may pick up in the second half of 2020.
Meanwhile the Nigeria Extractive Industries Transparency Initiatives (NEITI) has projected that monies accruing to Nigeria’s federal purse for sharing between the federating units may pick up in the second half of 2020.
NEITI stated this in the latest edition of its quarterly review on the federation account. It explained that Nigeria has responded quickly to make adjustments in a number of areas to cope with the effects of the COVID-19 pandemic, and as such, the federation’s earnings could pick up.
It equally noted that gradual rise in oil prices could contribute to the rebound in earnings, adding that it expects a healthy earning for the country in the second half of 2020.
In the review, NEITI analysed disbursements from the federation account in the first half and second quarter of 2020.
It explained total disbursements from the account in the first half of 2020 were N3.879 trillion; comprising of N1.53 trillion to the federal government, N1.29 trillion to state governments, and N771.34 billion to local governments. It also stated that a total of N1.934 trillion was disbursed from the account in the second quarter of 2020; comprising N739.2 billion to the federal government, N629.3 billion to state governments, and N375.4 billion to local governments.
