The decision was made at a parliamentary session chaired by President Muhammadu Buhari.
The Minister of Budget and National Planning, Mr. Clement Agba, addressed the media at the end of the meeting.
Agba listed other forecasts in the budget which included $ 40 per barrel, oil prices rose 1.6 million barrels per day, inflation fell by 11.9 percent domestically, which is estimated at domestic growth. of three per cent and target revenue of N7.5tn.
Regarding the revenue target for 2021, the minister said, “I talked about the system in terms of parameters and those assumptions are the revenue we get and how the economy is able to balance and spend.
“In Nigeria, it is projected that by the end of this year, our GDP is expected to be above -4.42 percent.
"However, with the move if it is done properly and spent, we expect GDP to improve by about 1 percent - 8 percent." So, in terms of revenue generation, for 2020 it will be N5.84tn. but for 2021 we expect it to be N7.5tn.
"Even though the oil economy is very low, because we are limited by OPEC Plus to get oil prices, we have imported 63 other government companies.
“We are bringing them into the budget system so that they can present the budget by an additional N2.17tn; then we say we plan to increase the 2021 budget by more than N10.84tn to restructure the 2020 budget.
“If you look at N7.5tn and expect to spend N12tn; yes, there will definitely be a gap and this must be paid for. ”The minister said that as per the 2020 budget, there are orders to pay the bills by 2021.
He explained that, with a confusing account, the government would review the reduction and ensure that it was able to repay the loan.
The minister said that was why the government had a Debt Management Office to advise on debt collection and debt issues.
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