National Assembly passes N13.5tn 2021 budget, adjourns to Jan 26 – Newstrends
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National Assembly passes N13.5tn 2021 budget, adjourns to Jan 26

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A N13.5tn budget for the 2021 fiscal year has been passed by the Senate.

The House of Representatives also passed the 2021 budget on Monday with a slight increase.

In passing the budget, the Senate at its special plenary on Monday said it was predicated on oil benchmark of $40 per barrel.

Some of the budget’s components are N3.324tn for debt servicing; N4.1tn for capital expenditure; N5.6tn for recurrent and N496bn for statutory transfer. It also has an increment of N505bn.

President Muhammadu Buhari had presented N13.082tn budget estimates to the National Assembly on October 8.

The House of Representatives passed the N13.6tn 2021 budget on Monday.

This came after the adoption of a report by the House Committee on Appropriation presented  by its Chairman, Aliyu Betara (APC-Borno).

He said the bill would authorise the issue from the Consolidated Revenue Fund of the Federation the sum of N13,588,027,886,175 of which N496.5bn would be for statutory transfers.

He added that N3.3bn was for debt servicing, while N5.6tn was earmarked for recurrent non-debt expenditure.

Speaker of the House of Representatives, Femi Gbajabiamila, said that ninth National Assembly passed the budget in record time to keep to the promise made during its inauguration.

“We will maintain this tempo so that our successors can continue from where we stopped,’’ he said.

The House adjourned its plenary session to January 26, 2021.

 

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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