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HomeTop NewsNigerian Parliament to pass 2021 N13.08 trln budget by Dec 10

Nigerian Parliament to pass 2021 N13.08 trln budget by Dec 10

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By GFDNews Correspondent

The National Assembly may pass the 2021 proposed N13.08 trillion budget before December 10, to ensure that the country retains the January to December fiscal year achieved for this year’s budget.

According to the Chairman of the Senate Committee on Finance, Solomon Adeola the budget may be passed by the National Assembly either in the first or second week of December.

The country Parliament is also pushing for the rationalization of government institutions in line with the recommendation of a panel set up by the last administration of President Goodluck Jonathan to cut the costs of governance.

“In line with our legislative agenda and our promise to Nigerians to put in place a January-December budget cycle, we plan to pass the Appropriation Bill by the first or second week of December.

“We are pushing for an economy that will be more private sector-driven than what we have now where the government is the largest employer of labour.

“We also believe that there is need to prune down the cost of running the government. We want the government to implement the recommendations of Stephen Oronsaye Committee’s report on Ministries, Departments and Agencies,” Adeola said.

Adeola also said that the Parliament is also making move to scale up financing for critical projects such as the Mambilla Power Plants to ensure it completion in the during lifespan of this administration.

“This administration identified five key infrastructure/ projects for completion before the end of its tenure and Mambilla Power Plant is one of them.

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“Others are Abuja-Kaduna-Kano Expressway; Lagos-Ibadan Expressway, the East-West Road and the second Niger Bridge.

“We are working round the clock to ensure that the 2021 Budget accommodates the take-off grant for the Mambilla Power Plant.

“NSIA has sourced for $200 million for the project but the Federal Government is yet to make take-off fund available.

“On this side of the divide, we cannot allow this project to suffer any further delay. This requires adjusting the budget for the take-off grant.”

“It is true that 70 percent of our income is from tax but not Personal Income Tax or company’s tax. It is from the Petroleum Profit Tax.

“We are even saying we should widen our tax net because tax is not something to toy with in the economy of a nation.”

He assured that the budget will provide for jobs for Nigerian youths.

“Apart from the N75 billion seed funds set aside for youths, we are also looking at other options for youth employment,” he said.

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