President Muhammadu Buhari is expected to sign the revised 2020 Appropriation Bill on Friday according to a statement from the office of the Senate President, Ahmed Lawan.
Quoting the Minister of Finance, Zainab Ahmed, the statement released by the Special Assistant to the Senate President, Ezrel Tabiowo, said the government would stick to the January-December budget cycle and as such, the President will on Friday sign the revised N10.8trn budget for the year 2020 into law.
The minister was reportedly briefing the principal officers of the National Assembly, which included the Senate President, Ahmed Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
She said, “This for us is a journey towards ensuring that the progress that we have made as a collective to return the fiscal year to January – December is maintained for the 2021 budget as well. The President has directed that we must deliver the budget to the National Assembly by the end of September.”
She said the government’s revenue between January and May 2020 was N1.48 trn, an amount representing 56 per cent of the target.
She said oil revenues accounted for N701.6 bn; 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, she said 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.