President Muhammadu Buhari has presented the proposed 2021 Budget of N13 trillion to the National Assembly.
According to the president, the budget termed Budget Of Economic Recovery and Resilience will address key economic issues as the country tries to recover from the impact of the coronavirus and the oil price drop.
He says the government is determined to accelerate the country’s economic recovery process, while decrying the revenue generation challenges.
Compared to budget presentations done in previous years, the President was only accompanied by Vice President Yemi Osinbajo and a few ministers, while the others participated virtually.
Remarks by Speaker @femigbaja on the occasion of the presentation of the 2021 appropriation bill by President @Mbuhari to the National Assembly.
— Speaker of the House of Representatives (@SpeakerGbaja) October 8, 2020
8th October, 2020.
#FGNBudget2021 pic.twitter.com/MeP2QZK28k
From the Budget, These major points can be picked from President Muhammadu Buhari's 2021 budget presentation at the National Assembly:
Quote
1. Tax Expenditure statement for 2021 to be published. It will contain tax exemption, incentives and rebates. It’s the first time the document will be published in the country.
2. Medium Term Development plan 2021-2025 to replace Economic Recovery and Growth plan 2017-2020.
3. All Federal staff not captured under the IPPIS scheme will no longer collect salaries as they will be regarded as ghost workers. Members of the Academic Staff Union of Universities (ASUU) are opposed to the IPPIS platform being used to pay their salaries and have refused to enrol on it.
4. Buhari identify revenue generation as a major challenge of government. He wants the lawmakers to examinerevenue sources and expenditure.
5. Over 800 kilometers of roads for construction across the country under the tax rebate and incentive.
6.Ibadan-Kano rail line for completion. Port Harcourt to Maiduguri rail project and Lagos to Calabar rail lines also on the card.
7. Government to establish five Science and Technology Colleges to boost science and technological education.
2. Medium Term Development plan 2021-2025 to replace Economic Recovery and Growth plan 2017-2020.
3. All Federal staff not captured under the IPPIS scheme will no longer collect salaries as they will be regarded as ghost workers. Members of the Academic Staff Union of Universities (ASUU) are opposed to the IPPIS platform being used to pay their salaries and have refused to enrol on it.
4. Buhari identify revenue generation as a major challenge of government. He wants the lawmakers to examinerevenue sources and expenditure.
5. Over 800 kilometers of roads for construction across the country under the tax rebate and incentive.
6.Ibadan-Kano rail line for completion. Port Harcourt to Maiduguri rail project and Lagos to Calabar rail lines also on the card.
7. Government to establish five Science and Technology Colleges to boost science and technological education.
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