JUST IN: Buhari to sign revised 2020 budget Friday

As Finance Minister consults NASS leadership on 2021-2023 MTEF/FSPPresident Muhammadu Buhari would on Friday sign the revised 2020 Appropriation Bill into law, The Nation leant on Thursday.

Mrs. Ahmed, according to a statement by the Special Assistant to the Senate President, Ezrel Tabiowo, further disclosed that in keeping strictly with the January – December budget cycle, the President will tomorrow sign into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.

Ahmed while giving an update on the 2020 budget implementation between January and May 2020 stated that the Federal Government’s retained revenue was N1.48 trillion, an amount representing 56 percent of government’s target.She added that out of the sum generated as revenue, oil revenues accounted for N701.6 billion; non-oil tax revenues N439.32 billion; Companies Income Tax and Value Added Tax collections – N213.24 billion and N68.09 billion; and Customs collection N158 billion, respectively.

According to the Finance Minister, as at the end of May 2020, only N253.33 billion had been released for capital expenditure. She said that Oil Production was placed at 1.86 for 2021, 2.09 for 2022, and 2.38 for the 2022 fiscal year; while the Exchange Rate remains at N360 to USD$1. “The nominal Gross Domestic Product is expected to increase from N130,836.1 billion in 2020 to N132,125.4 billion in 2021 and then up to N138,415.8 billion in 2023,” Ahmed said.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kanye West vows to defeat Trump, win US 2020 presidential race - Daily Post NigeriaUS rapper, Kanye West has vowed to win the 2020 presidential race. Speaking in an interview with Forbes and published on Wednesday, the music star
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Third Mainland Bridge Repairs To Begin In July, End In January 2020 – GovtThird Mainland Bridge Repairs To Begin In July, End In January 2020 – Govt
Source: channelstv - 🏆 7. / 63 Read more »

Edo 2020: Secondus, Wike seek free, fair election - The Nation Nigeria“A man who pockets dollars in his babanriga from contractors is not isolated and you say that I should be isolated. In this where are we heading to?' - Rivers Governor, Nyesom Wike (GovWike) GovUmarGanduje
Source: TheNationNews - 🏆 6. / 69 Read more »

BREAKING: Nigerian govt postpones school resumption, 2020 WASSCE indefinitely - Daily Post NigeriaThe Federal Government has canceled the resumption of schools for graduating classes. This was announced by the Minister of Education, Adamu Adamu, while
Source: DailyPostNGR - 🏆 11. / 59 Read more »

COVID-19: Nigeria ready to forfeit WASSCE 2020 as FG stops reopening of schoolsHe said this was not the right time to open schools, adding that the government would not mind forfeiting the 2020 WASSCE earlier scheduled for August 5 and September 5 in order to save the lives of students. :
Source: Daily Trust - 🏆 13. / 51 Read more »

Katsina Govt Reduces 2020 Budget To N179bnNigeria News, Nigeria Newspapers
Source: LeadershipNGA - 🏆 4. / 77 Read more »