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FG spent N6.46tn on debt servicing, personnel in 2020 – Minister

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servicing personnel

The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said.

She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure.

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Ahmed spoke virtually while presenting the 2021 Federal Government approved budget.

Providing updates on the 2020 budget implementation, the minister stated that as at year end 2020, the Federal Government’s retained revenue was N3.94tn, 73 per cent of target.

She said the Federal Government’s share of oil revenues was N1.52tn, representing 157 per cent performance, over and above the prorated sum in the revised 2020 budget, while non-oil tax revenues totaled N1.28tn, 79 per cent of revised target.

On the expenditure side, she said N9.97tn was appropriated, excluding GOEs and project-tied loans, while N10.08tn representing 101 per cent was spent.

Ahmed said, “Of the expenditure, N3.27tn was for debt service and N3.19tn for personnel cost, including pensions.

“As at year end 2020, N1.80tn had been released for capital expenditure, that is, about 89 per cent of the provision for capital.”

She said the Nigerian economy was becoming less dependent on oil, as contributions from the oil sector in funding the 2021 budget would be just 30 per cent. Ahmed said the bulk of the funding sources for the 2021 budget, 70 per cent, would come from the non-oil sector.

Providing an overview of the revenue framework for 2021, the minister said the aggregate revenue available to fund the 2021 budget was projected at N7.99tn, 36.9 per cent higher than the 2020 projection of N5.84tn.

She noted that to promote fiscal transparency, accountability and comprehensiveness, the budgets of 60 government-owned enterprises were integrated in the Federal Government’s 2021 budget proposal.

Ahmed said, “In aggregate, 30 per cent of projected revenues is to come from oil-related sources, while 70 per cent is to be earned from non-oil sources.

“This, therefore, shows that the Nigerian economy is gradually becoming less dependent on oil. Overall, the size of the budget has been constrained by our relatively low revenues.”

Ahmed, however, pointed out that going by the contributions of the non-oil sector to the funding of national budgets, the economy was systematically moving away from heavy dependence on oil earnings.

She stated that overall budget deficit was N5.6tn for 2021, representing 3.39 per cent of Gross Domestic Product.

The minister explained that the budget deficit would be financed mainly by borrowings, as N2.34tn would be borrowed from domestic and foreign sources each, N709.69bn from multilateral and bilateral loan drawdowns, while privatisation proceeds would provide N205.15bn. On the expenditure framework, she stated that the 2021 aggregate expenditure, inclusive of GOEs and project-tied loans, was projected to be N13.59tn, which was 25.7 per cent higher than the revised 2020 budget.

Ahmed said, “Recurrent (non-debt) spending, estimated to amount to N5.99tn, is 44.1 per cent of total expenditure, and 13.3 per cent higher than 2020 revised estimates (mainly reflecting increases in salaries and pensions).

“Aggregate capital expenditure of N4.37tn is 32.2 per cent of total expenditure; and 62.9 per cent higher than the 2020 revised budget (inclusive of capital component of statutory transfers, GOEs capital and project-tied loans expenditures).”

The minister stated that at N3.32tn, debt service was 24.5 per cent of total expenditure, and 12.6 per cent higher than 2020 revised budget.

She said the provision to retire maturing bonds to local contractors/suppliers of N200bn was 1.68 per cent of total expenditure.

Crude oil price benchmark was retained at $40 per barrel in the 2021 budget, while crude oil production was projected to increase from 1.8 million barrels per day in 2020 to 1.86mbpd in 2021, as economies recover from recession, and moderated by OPEC+ quota agreements.

“Although Nigeria’s total production capacity is 2.5mbpd, current crude production is about 1.7mbpd, including about 300,000bpd of condensates, which indicates compliance with OPEC quota,” Ahmed said.

She said oil GDP was projected to rise by 16.23 per cent in 2021, year-on-year, resulting in about 1.1 per cent increase in non-oil GDP, adding that based on this, real GDP was expected to rise by three per cent in 2021.

The minister further stated that nominal GDP was expected to increase from N139.52tn in 2020 to N142.69tn in 2021 and then up to N151.46tn in 2023.

“Similarly, consumption expenditure is projected to rise from N117.91tn in 2020 to N118.89tn in 2021, reflecting gradual economic recovery,” Ahmed said.

She added, “Inflation is expected to remain above single digit in 2021, given structural issues impacting cost of doing business, including high food distribution cost.”

She also noted that improving the tax administration framework to optimise government revenue was a major thrust of the administration’s Strategic Revenue Growth Initiatives.

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Naija News

NIN: FG insists on Wednesday deadline, diplomats’ registration

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NIN deadline

The Federal Government on Sunday insisted that the deadlines given for the registration of all Subscriber Identification Modules with valid National Identity Numbers were still in force.

It also declared that the NIN was mandatory for diplomats who reside in Nigeria, as well as for all other lawful residents across the country.

Asked whether the Federal Government had eventually advised the Nigerian Communications Commission as regards the deadlines for SIM registration with NIN, the Director, Public Affairs, NCC, Ikechukwu Adinde, said that nothing had changed.

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Reported on Thursday  that the NCC was awaiting the advice of the Federal Government as regards the stipulated deadlines.

“The deadlines are still in force; there is no update for now and just like I told you last week, if there is any change you will be communicated,” Adinde stated on Sunday.

came as the Minister of Communications and Digital Economy, Isa Pantami, declared on Sunday that all diplomats living in Nigeria must have NINs.

The minister approved the setting up of a NIN enrolment centre at the Federal Ministry of Foreign Affairs for diplomats. The desk would be set up on January 19, 2021.

A statement issued in Abuja by Pantami’s aide, Femi Adeluyi, stated that the centre would provide support for members of the diplomatic corps and would be managed by the communications ministry through NIMC. It stated that the law had made it mandatory for Nigerians and legal residents to obtain a NIN since 2007.

It, however, noted that compliance had been low, until recently.

It said the communications ministry was committed to creating an environment that was conducive for all Nigerians and legal residents to obtain their NINs.

The ministry stated that the centre was being set up based on the request of the Minister of Foreign Affairs, Geoffrey Onyeama, in order to simplify the process for diplomats.

It said, “The NIN is mandatory for diplomats who will reside in Nigeria for a continuous period of two years or more.

“It is also mandatory for all other lawful residents in the country as stated in Section 16 of the NIMC Act 2007.”

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Education

Partial compliance with Covid protocols as Abuja schools resume

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COVID-19 compliance

Public and private schools in Abuja resumed for academic activities on Monday amid the second wave of COVID-19.

Monitored activities at some schools in Karu, Abuja Municipal Area Council early in the morning, observed partial compliance with COVID-19 protocols released by the Federal Government.

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Schools visited included Government Secondary School, Karu; Hayatu Islam International Academy, Karu; Shalom Children Academy; Prime Scholars’ School and Total Academy among others.

At the GSS, Karu, two spots for washing of hands were provided at the school gate.

female member of staff was seen washing her hands before entering the premises.

Other members of staff and students did not do so.

There was also no temperature check for those entering the premises.

A male member of staff, who arrived at about 7.30am was seen shaking hands with all his colleagues who were at the gate to stop latecomers.
Students and members of staff were, however, seen wearing their face masks before entering.

Many of the students were seen bringing the masks out from either their pockets or school bags.

More compliance was, however, noticed among private schools

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Health News

Cholera outbreak: Benue warns against use of contaminated water

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Cholera outbreak

Following the outbreak of cholera in two local government areas of Benue State, the government has directed people living in the river bank to stop using contaminated water.

No fewer than 14 people were reported to have died of cholera in Guma and Agatu Local Government Areas of the state.

The State Commissioner for Health and Human Services, Dr Joseph Ngbea who advised residents living at river bank also appealed to people of the state to be wary of contaminated water. He said that this is the common problem across the country at the moment as he appealed to the people to be mindful of the source of their water.

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“This is a common problem across the country at this time of the year so we appeal to everyone to be sure of the source of water we consume, and if not sure please ensure that you treat your water before drinking,” the Commissioner advised. The Commissioner said the state government had taken steps to contain the spread of the disease with the deployment of drugs and medical personnel to the affected areas to provide treatment for the victims. “Aside from the medical personnel, we have also supplied consumables and drugs to the affected areas in line with the directive of Governor Samuel Ortom to ensure the speedy treatment of all those infected.

The Commissioner added that the State Governor, Samuel Ortom had directed the Benue State University Teaching Hospital to provide additional ten bed spaces to take care of those infected.

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COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

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@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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