It’s budget of economic recovery, resilience - The Nation Nigeria

Christened budget of “Economic Recovery and Resilience”, President Buhari said the fiscal policy is expected to accelerate the pace of the nation’s economic recovery, promote economic diversification, enhance competitiveness and ensure social inclusion.

He said further that the Ministry of Finance will finalise the Finance Bill 2020, which will be forwarded to the National Assembly for consideration and passage into law. Non-debt Recurrent in 2021 is expected to gulp N5.65 trillion; Personnel Costs will take N3.76 trillion; while Pensions, Gratuities and Retirees’ Benefits will take N501.19 billion of the budget, Overheads of N625.50 billion, Debt Service of N3.124 trillion; Statutory Transfers of N484.49 billion; and N220 billion will be spent as Sinking Fund of N220 billion .

The transfers include N63.51 billion for the Niger Delta Development Commission, N29.70 billion for the North East Development Commission N110 billion for the National Judicial Council, N70.05 billion for the Universal Basic Education Commission, N40 billion for the Independent National Electoral Commission, N128.00 billion for the National Assembly, N5.20 billion for Public Complaints Commission, N3.00 billion for Human Rights Commission and N35.03 billion for Basic Health Care Provision Fund.

“To check the incidence of payments to non-existent personnel and unauthorised allowances, only Federal staff that have been captured on the Integrated Personnel Payroll Information System platform will receive salaries. “Total overhead costs of MDAs and Government Owned Enterprises are projected to rise to N625.50 billion in 2021, mainly due to the inclusion of the overheads of an additional 50 Government Owned Enterprises. Overhead 11 provisions have also been made for newly created agencies. To keep a tab on running costs, MDAs must adhere to extant expenditure controls”

He said the Ministry of Agriculture and Rural Development is expected to facilitate the integrated development of its sector by promoting crops’ value chains; as well as providing rural roads, water and sanitation, veterinary and pest controls, grazing, food and strategic reserves, and access to inputs and extension services.

“Projects to be implemented by the Ministry of Water Resources in 2021 include provision of potable water in the North East, construction of irrigation and dams across the country, and the provision of Water, Sanitation and Hygiene facilities.

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