konga Ad Campaign konga Ad Campaign konga Ad Campaign
ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, June 26, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Minister of Finance Budget and National Planning, Zainab Ahmed

Minister of Finance Budget and National Planning, Zainab Ahmed

2019 overall budget performance 83.95% – Budget Office

byBassey Udo
December 21, 2019
3 min read

The overall performance of the 2019 budget as at the third quarter of the year stood at 83.95 per cent, a publication by the Budget Office of the Federation in the Federal Ministry of Finance, Abuja has shown.

The publication, “Citizen’s Guide to Understanding the Federal Government of Nigeria 2020 Budget of Sustaining Growth and Job Creation”, showed the overall performance of the revenue side of the budget was about 81 per cent, against about 86.9 per cent for the expenditure side over the period.

Details of the budget performance showed that out of a total of N6.9 trillion appropriation in the approved 2019 Budget as revenue estimate, the government’s pro-rated revenue figure for the period was N5.2 trillion, against actual aggregate revenue realised of about N4.2 trillion ( 81 per cent).

Despite dropping below the target figure by N996.3 billion (about 19 per cent), the publication showed the pro-rata revenue performance was still more than the corresponding performance of the budget for the same period in 2018.

The publication showed that out of about N3.7 trillion crude oil revenue estimated in the approved budget for the year, the government realised about N1.4 trillion (about 52 per cent performance).

About N39.9 billion revenue expected as the Federal Government share of the dividend from the Nigeria LNG was not received, same as the share from the balances in special levies account of about N12.9 billion.

Other revenue

Similar revenues the government expected during the year but were not received, include about N203.38 billion from domestic assets/fees recoveries; N710 billion earmarked funds as proceeds of oil assets ownership restructuring; N320 billion from the revision of oil production sharing contract legislation items, and about N209.92 billion from grants and donor funding.

For Minerals and Mining revenues, although about N1.29 billion was expected as revenue in the approved budget, about N1.58 billion realised (about 64 per cent over performance), while out of an estimated N1.4 trillion as non-oil revenue in the approved budget, only N996.3 billion was realised.

Other revenue targets included company income tax (CIT) of N813.3 billion, out of which N595.27 billion was realized; value-added tax (VAT) of N229.34 billion, out of which N118.33 billion was realized; Customs revenues N310.87 billion, out of which N285.81 billion was realized, and Federation Account levies of N55.62 billion, with N16.88 billion realized.

Also, expected revenues from Federal Government independent revenues was about N631.08 billion. But, only N506.78 billion was realised.

Although expected revenue from the actual balance in special accounts was about N8.33 billion, actual accrual was by 20,803 per cent to N1.305 trillion, while out of the Federal Government’s share of signature bonus expected to have been about N84.23 billion, only N1.19 billion was realised.

Expenditures

On the expenditure performance, the publication showed that of the total appropriation of N8.9 trillion, only about N5 trillion was spent as at September 30, 2019, against the prorated budget of about N6.69 trillion.

Minister of Finance, Budget and National Planning, Zainab Ahmed, said last week a total N1.2 trillion (56.1 per cent) has so far been released for capital expenditure out of the total appropriation of N2.14 trillion (excluding the capital component of statutory transfers).

Details of the expenditures include Statutory transfers N502 billion, out of which N346.97 billion was actually spent; recurrent expenditure of N6.3 trillion, out of which N5 trillion was spent; debt service N2.3 trillion, out of which N1.9 trillion was spent.

Further details of the recurrent expenditure include non-debt N4.065 trillion, out of which N3.168 trillion was spent; personnel cost N2.288 trillion (N1.739 trillion pent); pensions and gratuity, including service-wide pension N528 billion (N219.87 billion spent), and overheads N258.13 billion (N172.62 billion spent).

Others include service wide votes N364.55 billion (N219.27 billion spent); presidential amnesty NN65 billion (N43.34 billion spent); special intervention programme N350 billion (N231 billion spent); transfers to NBET under the Power Sector Reform Programme N150.4 billion (N110.48 billion released).

The other expenditures include basic health care fund (one per cent of consolidated revenue fund) N51.22billion, which was not spent, and payment from special accounts N432.5 billion.

READ ALSO: Senate approves MTEF, raises oil benchmark to $57

Details of the debt service showed that out of a total N1.71 trillion, about N1.406.99 trillion was spent, while out of N433.8 billion budgeted for foreign debts, N315.34 billion was spent, and out of N110 billion provided for Sinking Fund, only N4.41 billion was spent.

Also, about N196.9 billion was spent on interest on ways and means.

Other key indicators

Other key indicators of the 2019 budget performance in the publication showed that although the gross domestic product growth rate proposed in the budget was about 3.5 per cent, the actual rate achieved was about 2.28 per cent.

Similarly, out of about 2.3 million barrels per day of oil production capacity, an average of 1.96 million barrels per day capacity was achieved.

Projected benchmark crude oil price in the budget was about N60 per barrel. But, at the end of the reporting period, the average achieved stood at about N64 per barrel.

On inflation, although 9.98 per cent rate was proposed in the budget, an average of 11.85 per cent rate as at November ending.

The exchange rate of the Naira to the dollar stabilised at N305.9 against the projected rate of N305 in the approved budget.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket


CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Nine deaths that shocked Nigerian sports in 2019

Next Post

U.S. places Nigeria on ‘Special Watch List (SWL)’ of countries that tolerate religious persecution

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

President Muhammadu Buhari presides over Federal Executive Council Meeting (FEC) in State House on 15th June 2022

New Teachers’ Retirement Age: Nigerian govt directs schools on implementation

June 25, 2022
Cross section of UNILAG team and a German university team

UNILAG, European universities institute ‘partnership for change’

June 25, 2022
Governor Charles Soludo of Anambra State. [CREDIT: Twitter handle of Mr Soludo]

Soludo vows to end IPOB sit-at-home order in Anambra

June 25, 2022
The Rivers State gubernatorial candidate of the African Democratic Congress (ADC), Tonte Ibraye, and his running mate Tonto Dikeh.

Why I picked Tonto Dikeh as my running mate – Tonte Ibraye

June 25, 2022
Nigeria's Population Boom

Lagos remains second-worst city to live worldwide – Report

June 25, 2022
Bauchi State, Bala Mohammed [PHOTO CREDIT: @SenBalaMohammed]

Gunmen cripple farming activities in Bauchi communities

June 25, 2022
Next Post
Police attack protesting shiites with tear gas (2) (2)

U.S. places Nigeria on 'Special Watch List (SWL)' of countries that tolerate religious persecution

Adams Oshiomhole speaking at the APC Secretariat

Obaseki's description of me as a godfather 'embarrassing' - Oshiomhole

Read All Comment

Search

AUN-PT Ad




Access Bank Ad







Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,894,928 other subscribers.

Advertisement




netherland biz school Advert



ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.