The federal government will start recovering the N614 billion budget support facility from state governments this month.Minister of Finance Mrs. ...
The federal government will start recovering the N614 billion budget support facility from state governments this month.
To show how serious the government is about making the deductions, the finance minister revealed that “there will be no requirement for us to consider the FSP implementation. We do that as a matter of wanting the states to stay on the path of fiscal sustainability but it will not be a condition for the deduction. We will deduct direct at source and remit to the CBN.”
With regards to the many incentives and waivers given to investors, the finance minister said “we have too many incentives and too many waivers. But our partners in the trade will not necessarily agree with us. We also agree that there has to be a review of the pioneer status certificate issuance process because the waivers and the incentives are really costing us a lot.”
Mrs. Zainab Ahmed said the 2020 to 2022 fiscal years will be very challenging with respect to revenue generation and rapid growth in personnel costs. The 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper outlines Federal Government of Nigeria’s fiscal policies/strategies and macroeconomic projections for 2020 – 2022 and provides the broad framework for the annual budget in line with the Fiscal Responsibility Act , 2007.
The government approved a 34 and 66 per cents capital/ recurrent expenditure fiscal policy in 2018 and 32 and 68 per cents in the approved 2019 budget.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
State governors panic over FG's stance on repaying N614 billion bailoutThere is disquiet among Nigerian state governors following the directive for repayments of the loans they received from the federal government between...
Read more »
BREAKING: Court forfeits Diezani’s N14.4bn jewellery to Fed GovtA Federal High Court in Lagos has forfeited permanently to the Federal Government jewellery valued at $40 million (about N14.4 billion), recovered
Read more »
Nigerian govt to deduct N614bn bailout loans from states' September allocations - Premium Times NigeriaThe federal government gave the conditional budget support facility to the states through the Central Bank of Nigeria (CBN) in 2017.
Read more »
State governors panic over FG's stance on repaying N614 billion bailoutThere is disquiet among Nigerian state governors following the directive for repayments of the loans they received from the federal government between...
Read more »
Lagos Master Bakers trained on food safety | The Guardian Nigeria News - Nigeria and World News“We are working with the association to make sure that we supply them with quality flours, we are partnering them to make sure they deliver good quality bread for the programme.' Nigeria AMBCN NAFDAC SON
Read more »
Federal, state, local govts get N3.84 trillion allocations in six months - NEITI - Premium Times NigeriaThe three tiers of government drew about N3.84 trillion as statutory allocations from the Federation Account between January and June this year, the Nigerian
Read more »