Tag: 2021 Budget

Senate approves N2.17tr 2023 supplementary budget

Aminu Imam

The Senate has approved President Bola Tinubu’s N2.3 trillion supplementary budget for the 2023 fiscal year. Senate President, Godswill Akpabio, announced the approval yesterday, after putting the report to a voice vote by Senators after a third reading. This was a sequel to the adoption and debate of the report of the Senate Committee on Appropriations during yesterday’s plenary. Chairman of the Senate Committee on Appropriations, Adeola Olamilekan, had laid the committee’s report, which was adopted and debated before Akpabio, put it to voice vote and the Senators across party…

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2023 Budget Proposal: “How we are going to finance N10.78 trillion deficit” – Buhari

Aminu Imam

President Muhammadu Buhari, yesterday, said his government is going to finance the N10.78 trillion deficit in the 2023 Budget by borrowing N8.80 trillion and N206.18 billion from privatisation proceeds and project-specific loans. The President, while presenting the 2023 budget of N20.51 trillion to the Senate and the House of Representatives at a joint session of the National Assembly, said his administration expected the total fiscal operations of the Federal Government to result in a deficit of N10.78 trillion. The Budget includes N2.42 trillion spending by government-owned enterprises. It is also…

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Senate passes 2021 N895.8bn Supplementary Appropriation Bill into law

Aminu Imam

…Approves Buhari’s $6.1bn foreign loan request The Nigerian Senate yesterday passed a supplementary budget of N895.842 billion into law. The passage followed a satisfactory report by the Chairman, Senate Committee on Appropriation,  Senator Jibrin Barau, where he explained that the supplementary budget would augment the effort of various government agencies to discharge their responsibilities. Barau pointed out that security agencies will be able to procure arms and equipment as they strive to combat insecurity across the country. After the report, Senate President, Dr. Ahmad Ibrahim Lawan during the Committee of the whole considered…

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President Buhari signs N13.588tr 2021 Budget, Finance Act

Aminu Imam

Says budget ‘ll accelerate economic recovery Urges revenue-generating agencies to meet target President Muhammadu Buhari yesterday signed the 2021 Appropriation Bill of N13, 588, 027,886,175 trillion as well as the 2021 Finance Bill into law, which has now become an Act. The President, at the ceremony that took place at the Council Chamber, Presidential Villa,in Abuja, affirmed that the 2021 Budget was critical to the delivery of his administration’s legacy projects. The Appropriation Act is comprised of Total Capital Supplementation of N1,060,751,051,650 and total Capital Expenditure of N4,125,149,354,222; Statutory Transfer…

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Senate passes N13.082 trillion 2021 Budget

Aminu Imam

Ø  Extends 2020 Budget by one quarter Ø  Passes N453.2 bn NDDC 2020 budget  The Nigerian Senate has agreed to pass the Appropriation Bill of N13.588 trillion for the 2021 Budget, which is N505 billion higher than the proposed N13.082 trillion President Muhammadu Buhari presented to the Senate in October. This was disclosed by the Nigerian Senate, in a statement during plenary session yesterday. Senator Barau Jibrin moved that the Senate receive and consider the report of the Committee on Appropriations of the 2021 Appropriation Bill, which was seconded by Senator Stella…

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2021 budget scales 2nd reading in House of Reps

Ishaku Yohanna

The 2021 appropriations bill has been read for the second time in the House of Representatives, following two days of debate on the general principle of the bill. The N13.08 trillion budget scaled the first hurdle as members used two days to discuss some of the merits and demerits of the bill. At the resumption of the debate on the bill today, parameters such as the deficit, allocations to health and education, employment creation were some of the talking points. Nicholas Ossai from Delta State described the appropriation bill as…

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Buhari presents proposed 2021 budget to N’Assembly

Ishaku Yohanna

…Increases NASS allocation, reduces defence ministry’s, earmarks N3.12trn for debt service · Lawan, Gbajabiamila assures speedy passage President Muhammadu Buhari Thursday 8th in Abuja presented proposed 2021 Budget of N13 trillion to the Joint Session of the National Assembly. The President was accompanied by Vice-President Yemi Osinbajo, some cabinet members and presidential aides, to a joint session of the National Assembly today October 8 where he presented the budget which is tagged ”Budget of Economic Recovery and Resilience”. The proposed budget is predicated on a deficit of N5.15 trillion and will…

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2021 Budget: Buhari writes N’Assembly, to present Appropriation Bill Thursday

Ishaku Yohanna

President Muhammadu Buhari will on Thursday present the 2021 Appropriation Bill to a joint session of the National Assembly. President of the Senate, Dr Ahmad Lawan, made this known at the resumption of Senate plenary on Tuesday when he read a letter to that effect from the president. The letter read in part: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 11:00hrs on Thursday, 8th October, 2020, to formally present the 2021 Appropriation bill to the Joint Session of the National Assembly.…

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FEC approves N13.08trn budget proposal for 2021

Ishaku Yohanna

The Federal Executive Council (FEC) on Wednesday in Abuja approved a budgetary proposal of N13.08trillion for the 2021 fiscal year. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, made this known when she briefed State House correspondents on the outcome of the Council meeting. She explained that the total aggregate revenue projected for the 2021 budget was N7.89 trillion with a deficit of N4.48 trillion. According to the minister, the total capital expenditure projected in the budget is 29 percent of the aggregate expenditure, saying the 29…

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Buhari inaugurates 326KM Itakpe-Ajaokuta-Warri rail line

Ishaku Yohanna

…to present 2021 budget next week Nigeria’s President Muhammadu Buhari has inaugurated the 326 km Itakpe-Ajaokuta-Warri rail line for commercial operation. At the commission which was done virtually, President Buhari described the rail project as an important link for the country’s economy and added that the rail line will link people across the cultural divides and expand the frontier of trade and commerce. “The Railway Infrastructure that I have the honour to commission today is the rail line from Itakpe via the steel town complex of Ajaokuta to Warri, and…

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