President Muhammadu Buhari is set to sign the revised 2020 budget passed last month by the National Assembly into law.
The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed said this while briefing principal officers of the Senate and House of Representatives led by the President of the Senate, Dr Ahmad Lawan, and the Speaker, Hon Femi Gbajabiamila.
She said that the bill will be signed on Friday, 10th July, 2020.
She added that in keeping strictly with the January – December budget cycle, the President will sign the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.
Ahmed said that President Buhari had given directives for the Ministry to expedite action on next year’s budget estimates to enable him present the 2021 budget proposal to the National Assembly by the end of September.
While giving an update on the 2020 budget implementation between January and May 2020, she 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 (CIT) and Value Added Tax (VAT) collections – N213.24 billion and N68.09 billion; and Customs collection N158 billion, respectively.
Other revenues amounted to N339.51 billion, of which Independent revenues was N80.22 billion. Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal accounts.
(c) Globetelly 2020
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