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2021 Budget, Economic Recovery and Fiscal Sustainability


The early passage of 2021 Budget, which for the second consecutive year, effectively returns the country to the January-December budget cycle is a means to an end and not an end itself. The main challenge is how to catalyse economic recovery efforts, and budget execution to significantly contribute towards achieving fiscal sustainability as well as macro-fiscal and sectoral objectives. Ndubuisi Francis writes
It is an unassailable fact that Nigeria is buffeted by a deepening macroeconomic challenges, a worsening social and fiscal order. While the economic challenges grow in leaps and bounds, the resources to tackle them appear to be wearing thin. Nigeria’s second quarter 2020 gross domestic product (GDP) contracted by 6.1 per cent although it performed considerably betterthan expected in the third quarter, contracting only by 3.62 per cent, representing an improvement of 2.48 per cent points over the second quarter level. ....

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2020 budget: Reps approve N453.2bn for NDDC


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The House of Representatives on Thursday approved the 2020 budget of N453.2 billion for the Niger Delta Development Commission (NDDC) for the period ending March 31, 2021.
The approval was sequel to the consideration and adoption of the report of the House Committee on NDDC by the Committee of Supply at plenary, which was presented by NDDC Chairman, Hon. Olubunmi Tunji-Ojo.
Out of the N453.200 billion, N27.389 billion is for Personnel Expenditure, N13.937 billion is for Overhead Expenditure, N2.793 billion is for Internal Capital and N409.080 billion is for Development Projects.
A further breakdown of the budget showed that the sum of N27.389 billion is for Personnel Expenditure; the sum of N13,937,244,107 is for Overhead Expenditure; while the sum of N2,793,755,893 is for Internal Capital, N409.080 billion is for Development Projects for the period ending on 31 March 2021. ....

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