Wednesday, March 3News That Matters

Budget

Finance Act 2021 and personal income tax – Sparing a thought for the sick geese

Finance Act 2021 and personal income tax – Sparing a thought for the sick geese

Budget
Tunde Bakare The recent practice of passing Finance Act alongside the Federal Budget, with a view to curing defects in the tax laws, grant or alter taxes and duties, block loopholes and generally align public finance with changing economic landscape, is deeply commendable. In both the Finance Act 2020 and 2021, sweeping changes have been made with sufficient clarity brough to bear on some of the contentious provisions in the tax laws while adjusting the scope and rate of taxes to meet government fiscal policy objectives. With specific focus on Personal Income Tax, there are certainly some positives from the recently enacted Finance Act 2021.
Sale Of Assets Is Not New, Lawmaker Defends Plans To Fund 2021 Budget

Sale Of Assets Is Not New, Lawmaker Defends Plans To Fund 2021 Budget

Budget
Emma Ihedirionye Honourable Wole Oke has defended the Federal Government’s plans to sell some national assets to fund the 2021 budget, arguing that it is not a new development.  “The issue of the sale of assets is not new. Even in the previous budgets, there have always been other sources of revenue and the sales of assets is one of such,” the member representing Oriade/Obokun in Osun State explained on Channels Television’s Politics Today on Monday.  He argued that some of the national assets that are being planned for sale to fund the budget are already liabilities, noting that it is better for these assets to be run by private individuals instead of the government.  “But the critical issue we need to look at, is ‘What assets are we selling?’ Some assets a...
Federal Govt to borrow N5.6tr to finance budget

Federal Govt to borrow N5.6tr to finance budget

Budget
Tunde Bakare The Federal Government is to borrow N5.6 trillion from domestic and foreign sources to support the implementation of the N13.59 trillion budget. The N5.6 trillion is the total deficit of this year’s N13.59 trillion budget. Giving a breakdown of the borrowing plan in Abuja on Tuesday, Finance Minister Zainab Ahmed, also said the government is targeting about N850 billion from unclaimed dividends and dormant bank deposits. She added that privatisation of some public assets valued at N205.15 billion might take place this year.
2021 budget: Prepare for more pain, FG tells Nigerians

2021 budget: Prepare for more pain, FG tells Nigerians

Budget
Tunde Afolabi Nigerians have been told to prepare for more pain this fiscal year, as the Minister of Finance, Budget and National Planning Minister Mrs. Zainab Shamsuna Ahmed, and the Director-General, Budget Office of the Federation, Mr. Ben Akubueze, presented the breakdown for the 2021 N13.588 trillion Federal Government’s Budget. The top Presidency officers, yesterday, reiterated that subsidies for energy use in Nigeria have been completely removed from the Government’s fiscal plan, meaning that when petroleum prices rise at the international market..
2021: Sanwo-Olu Signs ₦1.55trn Budget Into Law

2021: Sanwo-Olu Signs ₦1.55trn Budget Into Law

Budget
Lawal Ogunsanya Lagos State Governor, Babatunde Sanwo-Olu has signed into law the 2021 budget of ₦1.55trn, noting that his administration will continue its work of rebuilding the state. Sanwo-Olu, show signed the budget on Thursday reiterated the government’s commitment in advancing economic growth, and expanding opportunities for residents of the state to flourish despite the economic challenges caused by the coronavirus. “With the passage of the bill, we will continue our work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus,” he said. “As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID 19 Pandemic and the ENDSARS pr...
Buhari Signs 2021 Budget, Finance Bill Into Law

Buhari Signs 2021 Budget, Finance Bill Into Law

Budget
Aisha Mohammed President Muhammadu Buhari on Thursday signed the 2021 budget and the finance bill into law at the Council Chambers of the State House in Abuja. This comes ten days after both chambers of the National Assembly passed the N13.5trn budget and three days after it was transmitted to the President for assent. President Buhari presented the proposed 2021 budget to the National Assembly on October 8. The National Assembly, while approving the proposal on December 21, raised the estimate of N13.082 trillion to N13.588 trillion. This was an increase of N505 billion from the proposed figures presented by the Buhari administration. The budget signing is to ensure a January to December budget calendar. It is tagged the budget of economic recovery and resilience...
Buhari to sign 2021 budget on Thursday

Buhari to sign 2021 budget on Thursday

Budget
Barring any last minute change in plan, the President, Major General Muhammadu Buhari (retd.), will sign the 2021 Appropriation Bill into law on Thursday, Overtnews has learnt. The National Assembly had last Monday passed the N13.58tn budget for the next fiscal year. It had been the desire of the present regime to restore the country’s budget to January to December cycle. This was achieved with the 2020 budget which Buhari signed into law on December 17, 2019. It is also the desire of the Presideny to sustain the feat this year.
Makinde Signs ₦268bn Budget Into Law For 2021

Makinde Signs ₦268bn Budget Into Law For 2021

Budget
Kafayat idowu Oyo State Governor, Seyi Makinde, has signed into law the 2021 budget of ₦268bn, noting that it will consolidate his administration’s infrastructure initiatives. Speaking on Monday during the signing of the document at the Government House in Ibadan, Makinde said that the real implementation of the budget would commence in earnest, as the state targets at least 70 per cent execution. “Today, we are signing into law our Budget of Continued Consolidation. This completes the first phase of the process for the 2021 fiscal year budgeting. After this signing, the real work of implementation begins,” he said. “First, we got the good people of Oyo State involved in the budgeting process through the town hall meetings, then we prepared the budget and passed it on-to t...
Gbajabiamila Commends Lawmakers On Passage Of 2021 Budget

Gbajabiamila Commends Lawmakers On Passage Of 2021 Budget

Budget
The Speaker of the House of Representatives, Femi Gbajabiamila, has commended the efforts of lawmakers in working to ensure that the country pulled through 2020, a year he described as trying and challenging. In an address to wind down the activities of the House for the year during a special plenary convened on Monday in Abuja, the Speaker cited the coronavirus pandemic as a phenomenon that altered all calculations in 2020 and put the capacities of nations to whither the storm to test. The session was convened to pass the 2021 Budget and close the activities of the House for the Christmas and New Year break. In the case of Nigeria, Gbajabiamila recalled how the House responded quickly to the pandemic by not only initiating legislative interventions but also giving necessary ...
National Assembly Passes 2021 Budget, Raises It By N505bn

National Assembly Passes 2021 Budget, Raises It By N505bn

Budget
Adamu Bello The National Assembly has passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.  This is an increase of N505 billion from the proposed figures presented by the executive. This budget was passed on Monday by both the Senate and the House of Representatives during their special plenary held mainly to pass the budget ahead of the Christmas and New Year break. The lawmakers are sticking to the $40 per barrel benchmark price of crude but asked President Buhari to send a supplementary budget because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel. This supplementary budget is expected to fund critical areas in the country. Key assumptions in the 20...