President Muhammadu Buhari has presented the 2021 budget proposal of N13.08 trillion to the National Assembly for consideration and passage into law.
The President, who was accompanied by Vice-President Yemi Osinbajo, some cabinet members and presidential aides, arrived at the premises of NASS at about 11.03pm, according to News Agency of Nigeria.
He explained that the total aggregate revenue projected for the 2021 budget was N7.86 trillion with a deficit of N5.2 trillion, representing 3.4 per cent of the GDP.
He said the deficit would be financed mainly by new borrowing, totalling N4.28trillion.
Buhari stated that the total revenue available to fund the 2021 federal budget was estimated to N7.886 trillion which included grants and aids of N354.85 billion as well as revenues of 60 government owned enterprises.
According to him, the budget, which is described as a budget for Economic Recovery and Resilience, is based on an estimated oil price benchmark of 40dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar.
“Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. Total revenue available to fund the 2021 federal budget is estimated at N7.886 trillion.
“This includes Grants and Aid of N354.85 billion as well as the revenues of 60 government-owned Enterprises.
According to him, oil revenue is projected at N2.01 trillion and non-oil revenue is estimated at N1.49 trillion.
“As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation.
“Accordingly, I implore you to pay as much attention to the revenue side as you do to the expenditure side.
He stated that N3.12 trillion had been earmarked for debt servicing in 2021 as against N2.1trillion in 2020
The President, who reviewed the performance of the 2020 budget so far, said the budget was amended in response to the challenges occasioned by the COVID-19 pandemic.
“As at July 2020, the Federal Government’s actual revenue available for the budget was N2.10 trillion.
“This revenue performance was only 68 per cent of our pro-rated target in the revised 2020 budget.
“At N992.45 billion, oil revenue performed well above our budget target, by 168 per cent. Non-oil tax revenues totalled N692.83 billion, which was 73 per cent of the revised target.”
FG names Nwabuoku to oversee Accountant General Office
The Federal Government has approved the appointment of Mr Anamekwe Chukwunyere Nwabuoku to oversee the Office of the Accountant-General of the Federation (OAGF).
This follows the ongoing investigation of the Accountant-General of the Federation (AGF) over N80 billion fraud by the Economic and Financial Crimes Commission (EFCC).
Aliyu Ahmed, Permanent Secretary (Finance), Federal Ministry of Finance, Budget and National Planning, was quoted as saying this in a letter dated May 20, 2022.
The appointment will be pending the outcome of the investigation, according to a statement by Yunusa Tanko Abdullahi, Special Adviser to the Minister of Finance, Budget and National Planning.
The statement also read in part, “Mr Anamekwe is expected to carry out his duty in strict compliance with extant rules and observe the highest sense of professionalism expected of an officer working at his level.
“Currently, he is director, Inspectorate Office of the Accountant-General of the Federation, and presently he is overseeing the office of the Accountant General of the Federation.”
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Buhari appoints Semiu Adeniran new stastician general
President Muhammadu Buhari has approved the appointment of Mr Semiu Adeniran as the Statistician General of the Federation and Chief Executive Officer of the National Bureau of Statistics.
The appointment follows the demise of the former statistician general, Dr Simon Harry, on April 13, 2022, eight months into his five-year tenure.
A statement by Sufuyan Ojeifo, Special Assistant (Media) to the Minister of State, Budget and National Planning, Clem Agba, said, “Adeniran is a professional statistician of repute with bias for Demography and Social Statistics. He has over three decades of statistical hands-on experience garnered from various local and international institutions.”
“Until his appointment, Mr Semiu was the Director of Demographic and Household Statistics at the National Bureau of Statistics.”
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