N1.2tr capital expenditure misses in minister’s 2021 budget breakdown
Capital votes for the 2020 fiscal year amounting to N1.2tr was not captured when the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed presented details of the N13.08tr 2021 proposed expenditure in President Muhammadu Buhari’s appropriation bill to the National Assembly on Thursday, October 8 in Abuja.
Outlining the revenue and expenditure outlay for the 2020 budget, she explained that revenue performances at end of August 2020, revenue available for budget funding, excluding GOEs, was N2.52tr or 71 per cent of target.
“Federal Government’s share of oil revenues was N1.105tr or 164 per cent performance, over and above the prorated sum in the revised 2020 budget, while non-oil tax revenues came to N831.41b or 77 per cent of revised target).
“Companies Income Tax (CIT) and Value Added Tax (VAT) collections amounted to N447.52b and N117.75b, representing 82 per cent and 62 per cent of the prorated revised targets for the period.