BEVERLY HILLS, December 18, (THEWILL) – As the year winds down, this year’s budget performance has been put at 50% while funds released to fund expenditure hit N1.2trn.
Finance Minister, Mrs. Zainab Ahmed said the 2019 budget revenue as at the end of Q3 was N4.25trn, representing 81% performance. Zainab spoke to journalists at the end of Wednesday’s Federal Executive Council (FEC) meeting inside the presidential villa, Abuja.
The Minister added that the 2019 budget was technically a 6-month budget having become effective on May 27, 2019 when President Muhammadu Buhari approved it after the National Assembly passed it.
Nigeria returned to the conventional January to December budget cycle with President Buhari’s December 17, 2019 assent to the 2020 budget as passed by the National Assembly.
Ahmed addressed journalists in the company of Minister of Transportation Chibuike Amaechi; Minister of Information and Culture Lai Mohammed; and Minister of State for Petroleum Resources Timipre Sylva.
“In terms of revenue performance, the revenue performance prorated to third quarter of 2019 is N4.25 trillion and that represents a performance of 81 percent. That is to third quarter so its nine months pro rated not full year.
“The GDP growth that we planned for 2019 was 3.5 percent and the third quarter GDP performance was reported as 2.28 percent.
“On expenditure, we have been able to release all that is required for personnel so personnel expenditure is on course, debt service is also on course.
“So far as at last week, we have released up to N1.2 trillion in capital expenditure and that is a 50 percent performance of the capital for the year 2019.
“Now that Mr. President has assented to the 2020 budget, which is a major achievement for this government, it is clear that the 2019 budget is also a six month budget. So we have achieved a 50 per cent capital release for 50 per cent performance of the 2019 budget,” Ahmed said.
THEWILL can report that the 2020 budget is a record 10.59 trillion naira ($34.6 billion).
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