Ndubuisi Orji, Abuja
Amidst concern over the rising debt profile of the country, the Minister of Finance, Zainab Ahmed, has said the Federal Government will be seeking the approval of the National Assembly for a US$1.2 billion loan from Brazil to address issues in the agricultural sector in the 2021 fiscal year.
Ahmed disclosed this, yesterday, when she appeared before the House of Representatives Committee on Finance to defend the 2021 budget proposals of her ministry.
She said is imperative as the government is moving towards the diversification of its sources of revenue, adding that there moves by the government to acquire 100,000 hectares of land per state for food production.
According to her, access roads would be build in areas where the forms will be sited to enable farmers move their produce to markets with ease to reduce post harvest losses.
The Minister, while fielding questions from the lawmakers on the lack of budgetary allocation for the Mambilla Power Project, said the Minister of Power, Sale Mamman, did not include the project in the submission, he sent for the 2021 budget proposal.
“The Ministry of Finance, Budget and National Planning based on the MTEF that you have passed put in the cost cycler the budget ceiling for every Ministry.
“They are now expected to make their budget within that ceiling. The Ministry of Power didn’t have Mambilla in their submission. We do not provide programmes that go into budget for Ministries, Departments and Agencies.”
On Police reforms, Ahmed said: “We are hoping that the review will be completed quickly enough so that while the appropriation process is going on the revised salaries are included in the 2021 budget. If it’s not completed we will contemplate doing amendment or supplementary budget”.
The minister, while speaking on the 2020 budget performance, explained that : “As at end of Q3 2020, FGN’s revenue available for budget funding (excluding GOES) was N2.83 trillion, 70% of target. FGN share of oil revenues was N1.203 trillion (representing 158% performance, over and above the prorated sum in the revised 2020 budget) while non-oil tax revenues totalled N927.47 billion (76% of revised target).
“Companies Income Tax (CIT) and Value Added Tax (VAT) collections were N486.68 billion and N137.03 billion, representing 79% and 64% respectively of the pro rata revised targets for the period.Customs collections was N303.76 billion (78% of revised target). Other revenues amounted to N69 7.75 billion, of which Independent revenues was N390.50 billion.”