In an appearance before the House Committee on Finance, Zainab Ahmed, Finance Minister, gave an outline of the budgetary outlook for 2021.

In addition, she provided an update on the budget execution for the year 2021.

An interactive session of the 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper MTEF/FSP Committee was held on Monday in Abuja, during which the minister provided the update.

She said that Federal Government retained revenue was N2.23 trillion in June, which was 67.3 percent of the target, and shared-oil revenue was N492.44 billion.

Compared to the non-oil revenue of N778.18 trillion.

With N397.02 billion in CIT and N129 billion in VAT collections, she said, it has surpassed the government fiscal budget which is 116.5% and 108.2% of the period’s budget.

There were N234.02 billion in customs revenue at 92.1% of the budget, she said. Other revenues totaled N922.09 billion, of which independent revenue was N558.13 billion.

Ahmed added that N5.81 trillion, or 92.4% of the budget, has been spent, excluding GOEs and project-related debt expenditure.

She said, “Of the expenditure, N2.02 trillion was for debt servicing, which is 35 percent of the Federal Government expenditures and N1.795 trillion for personnel cost.

“This is including pension at 30.9 percent of Federal Government revenue.”

A total of N1.3 trillion (84.7%) had been released for capital expenditures as of June, according to the minister of finance.

The COVID-19 epidemic, according to the minister, had a substantial impact on the country’s economy in 2020.

In the first quarters of 2021, she stated that the economy showed a sluggish rebound.

Replying to the minister, Femi Gbajabiamila, Speaker of the House of Representatives said that once they have the 2022 Appropriations Bill, it would start debating on it.

According to him, “The MTEF/FSP will have a direct impact on the content of that Appropriations Bill, as well as on our ability to deliver on the promises of governance and development that we have made to the Nigerian people.”