Nigeria said on Thursday that it released a total of N1.75 trillion to finance critical capital projects in the outgoing year from a total of N1.96 trillion provided for capital expenditure in the 2020 budget.
President Mohammadu Buhari said this while signing the 2021 N13.59 trillion budget passed last week by the National Assembly.
“In spite of the adverse impact of the Coronavirus Pandemic on the nation’s economy and the Government’s revenues, we have made appreciable progress in the implementation of the 2020 Budget,” the President said.
“The overall performance of the 2020 Budget currently stands at an impressive rate of Ninety-97.7 percent. This commendable outcome underscores the importance of our efforts, together with the Legislature, to return to the discipline of a January-to-December fiscal year,” Buhari said noting that the finance minister will provide details of implementation of the 2020 budget later.
The President commended the National Assembly for completing “the important appropriation process in good time,” adding that “the passage of the 2021 Federal Budget before the commencement of the 2021 fiscal year is in confirmation of our resolve to maintain a predictable January-December fiscal year.
The president said the passage and signing of the 2021 budget is critical for the successful implementation of the 2021 Budget of “Economic Recovery and Resilience.”.
“Its passage underscores our commitment, as a matter of routine practice, to support Federal Appropriation Bills with annual Finance Bills, designed to facilitate their implementation.
President Buhari said the budget was jacked up by N505.61 billion over the initial Executive proposal to accommodate N365 billion “for up scaling the Nigeria Social Investment Programme, which I requested for after laying the Budget before the Legislature.”
The President said he also expects that the 2021 Budget will stimulate domestic economic activities and create employment opportunities, especially for our youth.
“We are intensifying our domestic revenue mobilization efforts so that we can have adequate resources to fund the 2021 Budget.
“Revenue Generating Agencies, and indeed all Ministries, Departments and Government Owned Enterprises, must work very hard to achieve their revenue targets, control their cost-to-revenue ratios, as well as ensure prompt and full remittance of revenue collections.”