Nigeria’s Minister of Finance, Budget and National Planning, has said President Muhammadu Buhari will sign the amended 2020 spending plan into law on Friday. Ahmed said the move was focused at keeping with the December-January spending circle. “This for us is an excursion towards guaranteeing that the advancement that we have made as a group to restore the monetary year to January-December is kept up for the 2021 spending plan too.
“The President has directed that we must deliver the budget to the National Assembly by the end of September,” she said while briefing members of the National Assembly on Thursday. She added that out of the sum generated as revenue, oil revenues accounted for N701.6bn; non-oil tax revenues N439.32bn; Companies Income Tax (CIT) and Value Added Tax (VAT) collections – N213.24bn and N68.09bn; and Customs collection N158bn, respectively.
“Other revenues amounted to N339.51bn, of which Independent revenues was N80.22bn. Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal accounts,” Ahmed said.