| Budget and Plans |    8903 VIEWS  |
| Budget and Plans | |
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| PROSHARE | |
| PROSHARE | |
His Excellency, President
Muhammadu Buhari, GCFR, signed both the 2021 Appropriation Bill ("the Budget")
and Finance Bill, 2020 into law on 31 December 2020, following their passage by
the National Assembly.
Before approving the
proposed Budget for the President's signature, the National Assembly increased
the aggregate revenue and planned expenditure from N7.89 trillion to N7.99 trillion and
from N13.08
trillion to N13.59
trillion respectively. This has increased the budgeted fiscal deficit
by N405billion
from N5.196
trillion to N5.601
trillion. The additional N0.51 trillion planned expenditure in the approved
Budget is mainly due to the increase in contribution to the Development Fund
for Capital Expenditure for the year.
We commend both the
National Assembly and the Executive for ensuring a timely passage of the
Appropriation Act, 2021 and enactment of Finance Act, 2020. This is the
second consecutive year that the Budget has been approved before the
commencement of the fiscal year, and raises hope of sustaining Nigeria's return
to the January to December budget cycle.
We will issue a detailed
newsletter on the 2021 Budget and Finance Act, 2020 in due course.
Please read KPMG's earlier newsletter on the 2021 National Budget proposals and Finance Bill, 2020 presented by the
Executive to the National Assembly.
Credits
* This statement was first
published in the Issue 1.1/ January 2021 Newsletter of KPMG of Monday, January
04, 2021. For further enquiries, please contact the
author, Wole Obayomi via ng-fmtaxenquiries@ng.kpmg.com
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