Minister of Finance, Zainab Ahmed, yesterday, revealed that the Federal Government had spent N4.45 trillion of the N9.97 trillion appropriated in the 2020 budget between January and June this year.
In a presentation to the House of Representatives Committee on Finance in respect of the 2021-2023 Medium Term Expenditure Framework (MTEF), she disclosed that the expenditure represented 89.3 per cent of prorate N4.99 trillion.
Represented by the Minister of State in the ministry, Clement Agba, Ahmed explained that of the expenses, N1.57 trillion went for debt servicing, while personnel cost, including pensions, took N1.61 trillion.
She said as at July, roughly N1 trillion had been released for capital expenditure in the revised budget.
Giving an update on the revenue performance for the period under review, the minister clarified that at the end of June, government’s retained revenue was N1.81 trillion, representing 68 per cent of prorate target.
Ahmed stated that the Federal Government’s share of oil revenues was N859.1 billion, representing 169.48 per cent performance, over and above the prorated sum in the reviewed fiscal document, even as non-oil tax revenues totalled N581.23 billion, 72 per cent of the fresh target.
The minister disclosed that companies income tax (CIT) and value added tax (VAT) collections were N301.06 billion and N85.4 billion, representing 73 per cent and 60 per cent of the prorate revised targets for the period.
According to her, duty fetched in N184.36 billion, representing 82 per cent of revised target, as other revenues amounted to N372.04 billion, a lowly 28 per cent of target.
She, however, said NLNG dividends, recoveries and stamp duty collected during the period were yet to be computed.
