FG PROPOSES N9.7 TRILLION BUDGET FOR 2020, PROJECTS GDP GROWTH RATE OF 2.93%

The Federal Government has proposed N9.7trn for the year 2020 budget and projected 2.93% GDP growth for the year 2020.

Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed disclosed this while presenting the draft 2020-2022 Medium Term Expenditure Framework/Fiscal Strategy Paper recently in Abuja.

Mrs. Zainab Ahmed said that oil production volume is projected to be an average of 2.18 million barrels per day (mbpd) for 2020, lower than the projected oil production volume of 2.3mbpd for 2019. She also revealed that a lower benchmark oil price of $55/b (against $60/b for 2019) is assumed considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

According to her, “Our real GDP growth projections are rates of 2.93%, 3.35% and 3.85% for 2020, 2021 and 2022, respectively. Mrs. Zainab continued by saying “that though this falls short of the ERGP projection, the trajectory remains the right direction. Personnel cost (inclusive of pension costs) at over N3.0 trillion has continued to rise. The FGN is, however, taking steps to contain rising personnel costs, and the October 2019 deadline by Mr. President for all MDA’s to Implement IPPIS remains sacrosanct”.

Speaking also at the event, the Minister of State, Budget and National Planning, Prince Clem Agba said that the key thrust of the 2020- 2022 Medium Term Expenditure Framework (MTEF) is aimed at sustaining growth and diversifying the economy.

He said “ I believe we all have a part to play in this, in fact, the private sector is the engine of economic growth in any developed country, and we all vigorously work towards how the MTEF and successor budgets can enable this effectively thereby providing sustainable jobs in line with the mandate of Mr. President. So, we would be working with the private sector, we see you as our partners and together we would work on the next successor plan”.

He further revealed that the Economic Recovery Growth Plan (ERGP) which currently anchors the MTEF expires next year and at the appropriate time, the Ministry will require broad deliberations on how to envision the medium and long term plans taking into cognizance the nation’s rising youth population on our social-economic status.

Prince Agba equally emphasized on this administration’s commitment to returning the Nigerian budget to the January -December cycle, saying it is key to giving Nigerians a functional plan within the calendar year.

The Minister reiterated Mr. President’s commitment to lifting one hundred million Nigerians out of poverty in the next ten years, stressing that fiscal resources will be deployed to actualizing this.


Victoria Agba-Attah
Director Information
13th September 2019

The 18th JPB/NCDP Meeting. Date: 9-11, October 2019, Venue: Event Centre, Opposite Federal Secretariate, Asaba, Delta State.

The 18th Joint Planning Board (JPB)/ National Council on Development Planning (NCDP) Meeting 
Theme: State Fiscal Sustainability and Economic Diversification in Nigeria is scheduled as follows:
Date: Wednesday, 9th - Friday 11th, October 2019 
Arrival and Registration Commence from 4:00 pm: Tuesday 8th  October 2019 at the Event Venue 
Venue: Event Centre, Okpanam Road, Opposite Federal Secretariate, Asaba, Delta State.

CLEMENT AGBA ASSUMES OFFICE, SAYS SEPTEMBER BUDGET SUBMISSION TO THE NATIONAL ASSEMBLY, PRIORITY.

CLEMENT AGBA ASSUMES OFFICE, SAYS SEPTEMBER BUDGET SUBMISSION TO THE NATIONAL ASSEMBLY, PRIORITY.

The new Minister of State for Finance, Budget and National Planning, Mr. Clement Agba has told the Management and staff of the Ministry that attending to Mr. President’s promise to deliver the 2020 Budget to the National Assembly by September 2019, remains his immediate target. 

Mr. Agba made this declaration today, at the reception and Hand-over ceremony of the Ministry’s Affairs by the Permanent Secretary, held at the Conference Room of the Ministry. 

He, therefore, called for co-operation, and commitment of staff, to achieve this and other mandates of the Ministry in line with the next level agenda of the Government, stressing that the only way to succeed is to work together as well as working smartly in the discharge of their duties.

Speaking earlier, the Permanent Secretary Mr. Ernest Umakhihe formally welcomed the Minister and assured him of Staff readiness, dedication to work with him to achieve the objectives of Government and the onerous tasks ahead.

Mr. Umakhihe also apprised the Minister with the key mandate of the Ministry which includes; advising the Government of the Federation on matters relating to National Development and overall management of the national economy; and providing Budget functions, implementing Budget and fiscal policies of the Federal Government of Nigeria

According to the Permanent Secretary, one of the enviable achievements of the immediate past dispensation was ensuring the stability and growth of the Nigerian economy when it went into recession.

“This was done through the Economic Recovery and Growth Plan (ERGP), a short medium-term plan spanning the period 2017-2020. The ERGP is now being concluded and arrangements are ongoing to put in action a successor plan aimed at consolidating the gains of the ERGP and to also act as a Roadmap for the Next Level agenda of the Government” continued Mr. Umakhihe.

Director General - NISER, Dr. Folarin Gbadebo Smith, in his vote of thanks, congratulated the minister and pledged on behalf of the Ministry to give maximum support to the minister to actualize his plans for the Ministry.

 

Victoria Agba-Attah

Director Information, MBNP

 

DONOR COORDINATION, COMPULSORY FOR EFFECTIVENESS AND EFFICIENCY- CLEM AGBA

DONOR COORDINATION, COMPULSORY FOR EFFECTIVENESS AND EFFICIENCY- CLEM AGBA

The Minister of State, Budget and National Planning, Prince Clem Ikanade Agba has underscored the need for coordination of the activities of development partners in Nigeria, saying “it will now be compulsory in order to achieve Aid effectiveness and efficiency”.

The Minister gave this indication during his welcome remarks at the High-Level Round table meeting on National Donor Coordination held at the Conference Hall of the Ministry of Finance, Abuja.

Prince Clem Agba said, “It is imperative that we establish an agreeable process for the coordination and effective management of development assistance in the country. Our mission is to be at par with international best practices and to achieve a mutual understanding and cooperation with a flexible framework of guidelines”.

He added that donors need guidance and direction from the government to ensure that resources are beneficial to the populace and stressed the need to monitor the performance of all international commitments in order to avoid duplication of efforts and ensure even distribution of resources across the country.

To this end, the Minister revealed that the ministry is already finalizing the Official Development Assistance (ODA) policy which seeks to maximize the benefit of international assistance and ensures alignment with national priorities.

He, therefore, called on donors and partners to update their reports in the Development Assistant Database (DAD) system domiciled in the Ministry and also channel all their interventions through the Ministry which is the country’s gateway to development assistance.

Meanwhile, the Minister of Finance Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, earlier in her remarks hinted that government in the coming weeks will set up Donor Coordination Unit (DCU) which will be co-chaired by herself and the Minister of State Budget and National Planning.

Mrs. Ahmed said that part of the mandate of the DCU would be to chart a roadmap for setting up a multi-donor trust fund that will ensure the best value for all donor assisted activities.

Responding, the World Bank Country Director, Mr. Rachid Benmessaoud, praised the ministers for the new initiatives and donors’ readiness to collaborate with the government to achieve development goals.

 


Mrs. Victoria Agba-Attah.
Director, Information.
September 3rd, 2019

 

ZAINAB AHMED TARGETS 85 PERCENT REVENUE INCREASE

The Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed has expressed Government’s readiness to move the nation’s revenue performance significantly from the 55 percent achieved in 2018 to about 85 percent in the next four years.

The Minister made this declaration at her maiden meeting with the Honourable Minister of State Budget and National Planning, Directors General of Parastatals, and management staff of the Ministry in Abuja.  

Mrs. Ahmed stated that the Economic Recovery Growth Plan (ERGP) developed by the Ministry, ushered the Country out of recession and launched the country on the path of economic recovery.

She praised the implementation of the ERGP, describing it as “exemplary” and an amalgamation of the Vision 2020, Sustainable Development Goals (SDGs) and sector plans.

According to Mrs. Zainab Ahmed, “we have to start a new long-term plan as both the ERGP and Vision 2020 would soon end in the year 2020.  The Medium-Term Expenditure Framework (MTEF) is expected to be forwarded to the National Assembly in the next two weeks and the Budget by the end of September”.

Speaking earlier, The Honourable Minister of State, Prince Clem Agba reiterated the need for teamwork and pledged the commitment and support of the staff in delivering the mandate of the Ministry.

He underscored the need to strengthen Monitoring and Evaluation, stating that the Ministry would soon commence the process of developing a long-term strategic plan for the country.

In his opening remarks, the Permanent Secretary of the Ministry, Mr. Ernest Umakhihe lauded the immeasurable contributions of the Minister of MFBNP on the success of the ERGP and commended Mr. President for merging the two Ministries, describing it as a welcome development.

 

Victoria Agba-Attah

Director Information

August 26th, 2019.

 

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