Connect with us

Business

FG projects N11.86 trillion expenditure for 2021

Published

on

The Federal Government has projected an aggregate expenditure of N11.86 trillion for 2021.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while virtually presenting 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) held on Friday.

Ahmed said the aggregate projected revenue from available sources for 2021 would be N6.98 trillion while fiscal deficit was expected to be N5.16 trillion.

“The 2021-2023 MTEF&FSP is the pre budget statement that provides the framework for the development of the 2021 budget.

“It is being framed against the backdrop of challenging global macroeconomic environment as well as domestic factors.

“We aim to keep the deficit within the three per cent ceiling over the medium term and are therefore working on identifying new revenue sources and or cost of reduction,” she explained.

The minister noted that the 2021-2023 draft had been prepared against the backdrop of heightened global economic uncertainty.

She added that the draft showed that there were continuing global challenges due to COVID-19 pandemic.

According to her, the medium term outlook for the country, suggested that the fiscal risks are somewhat elevated, largely due to COVID-19 related disruptions.

She added that this development had exacerbated structural weakness in the economy.

On revised budget, Ahmed pledged government’s commitment to accelerate implementation to maintain the estimate process credibility, enhance Gross Domestic Product (GDP) growth and promote social inclusion.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

BREAKING: Gas explosion rocks in Ipaja, Lagos

Published

on

By

An explosion has rocked a gas station in the Baruwa area of Ipaja in Lagos State.

It was gathered that the incident occurred around 05:45am.

First responders including men of the Lagos Fire Service and the Lagos State Emergency Management Agency have been drafted to the area.

Details later…

Continue Reading

Business

Just-in: Fire guts fuel tankers, vehicles in Lagos

Published

on

By

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

Continue Reading

Business

Arik Air’s operation shut by Aviation unions

Published

on

By

Arik Air operation has been shut down by Aviation unions over the airline’s alleged failure to pay seven months’ salary arrears of workers.

This was disclosed by a source in the airline, who claimed anonymity because he is not permitted to speak on behalf of Arik Air.

According to him, aggrieved unions, the National Union of Air Transport Employees and the Air Transport Services Senior Staff Association of Nigeria decided to withdraw their services due to an alleged increment of Terminal levy by Bi- Courtney and other anti-labour practice.

Details later …

Continue Reading

Trending

Copyright © 2020 Financial Angle