Finance minister while briefing principal officers of the Senate in Abuja, said President Muhammadu Buhari had given directives for the Ministry to expedite action on next year’s budget estimates to enable him present the proposal to the National Assembly by the end of September this year.
Mrs. Ahmed, according to a statement by the Special Assistant (Press) to the Senate President, Ezrel Tabiowo, further disclosed that in keeping strictly with the January – December budget cycle, the President will today sign into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.
She said: “This for us is a journey towards ensuring that the progress that we have made as a collective to return the fiscal year to January – December is maintained for the 2021 budget as well.
“The president has directed that we must deliver the budget to the National Assembly by the end of September.”
She said while giving an update on budget 2020 implementation between January and May 2020, stated that the Federal Government’s retained revenue was N1.48 trillion, representing 56 per cent of government’s target.
She added that out of the cash generated as revenue, 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 said N1.25 trillion was expended for debt service; and N1.32 trillion for personnel cost, including pensions.