Opportunities Hub
  • Home
  • Jobs
  • Grants
  • Scholarships
  • Startups
  • Fellowships
  • Awards
  • Internships
  • Online Courses
No Result
View All Result
  • Home
  • Jobs
  • Grants
  • Scholarships
  • Startups
  • Fellowships
  • Awards
  • Internships
  • Online Courses
No Result
View All Result
Opportunities Hub
No Result
View All Result
Home Others

Nigerian government spent N118.37 billion on coronavirus in 2020 – Buhari Minister.

admin by admin
January 14, 2021
in Others
0
2021 proposed N6tn loans: PDP, APC clash over FG’s fresh plans, MAN demands caution
416
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Tuesday disclosed that out of N8.26 trillion spent on capital projects, debt servicing and payment of salaries and pensions in 2020, N118.37 billion went into COVID-19-related capital spend.

Speaking at a virtual public presentation of the approved 2021 budget, the Minister said N1.8 trillion was expended on capital projects, N3.27 trillion on debt servicing and N3.19 trillion for payment of salaries and pensions.

In the capital expenditure, Ahmed noted that the figure represents about 89 per cent of the provision made for capital projects.

She explained that out of the N1.8 trillion ploughed into capital projects, N118.37 billion went into COVID-19 related capital spend.

She added that while the Federal Government projected N9.97 trillion expenditure for 2020, it actually spent about N10.08 trillion, representing 101 per cent performance.

To finance the deficit in the 2021 budget, the Minister said that N709.69 billion would be raked from multilateral/bi-lateral loans drawdown, which would be added to the funds expected to be raised from borrowing and sale of public assets.

Ahmed also revealed that the Federal Government generated N3.94 trillion in the 2020 fiscal year, adding that the figure represents about 73 per cent of the target for the 2020 fiscal period.

This implies that out of the projected revenue target of N5.39 trillion for 2020, the government could only achieve N3.94 trillion, thus leaving a revenue shortfall of N1.45 trillion.

The minister said while oil revenue outperformed its target, the non-oil revenue performance was not too impressive.

According to the minister, the Federal Government earned N1.52 trillion from oil revenue representing an over performance of 157 per cent, while non oil tax revenue was N1.28 trillion, which was about 79 per cent of target.

She added that Companies Income Tax (CIT) and Value Added Tax (VAT) collections were N673.22 billion and N192.66 billion, representing 82 per cent and 68 per cent respectively of the pro-rata revised targets for the period.

Ahmed put the Customs revenue at N410.21 billion which is about 79 per cent of revenue performance, adding that other revenues also contributed N993.73 billion to revenue generation.

The Minister blamed the revenue underperformance on the negative impact of the coronavirus pandemic, adding that Customs revenue was affected by trade slowdown caused by COVID-19.

Sources: dailyepisode.ng

Related

admin

admin

Related Posts

Babangida Ruma has left the building
Others

Babangida Ruma has left the building

March 18, 2021
2.5k
NYSC Senate List 2021 – Batch A, B & C – Check your name
Others

NYSC Senate List 2021 – Batch A, B & C – Check your name

March 5, 2021
2.4k
Nigerian Army Declares 101 Soldiers Wanted For Fleeing Boko Haram Attacks In Borno, Freezes Bank Accounts
Others

Nigerian Army Declares 101 Soldiers Wanted For Fleeing Boko Haram Attacks In Borno, Freezes Bank Accounts

March 4, 2021
2.3k
Next Post
Humanitarian Minister Launches Cash Grant For 6,800 Rural Women In Katsina.

Humanitarian Minister Launches Cash Grant For 6,800 Rural Women In Katsina.

Apply for SEIFAC/CBN Anchor Borrowers Programme 2021/2022

Apply for SEIFAC/CBN Anchor Borrowers Programme 2021/2022

Federal Government MSMEs Survival Fund: Breakdown Of Beneficiaries Of The Payroll Support Track In The North Central Region.

Federal Government MSMEs Survival Fund: Breakdown Of Beneficiaries Of The Payroll Support Track In The North Central Region.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Pages

  • About us
  • Advertise
  • Contact us
  • Opportunities Hub
  • Promote Programs

Contact

  • Press
  • Promote Programs
  • Contact us

Connect with us

  • About us
  • Advertise
  • Contact us

Copyright © 2020 Opportunitieshub. All Rights Reserved.

No Result
View All Result
  • Home
  • Jobs
  • Grants
  • Scholarships
  • Startups
  • Fellowships
  • Awards
  • Internships
  • Online Courses

Copyright © 2020 Opportunitieshub. All Rights Reserved.