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Vanguard News
FG deficit rises 17% to N4.45trn in 10mths
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By Babajide Komolafe
The Federal Government (FG) recorded N4.45 trillion deficit spendingin ten months to October 2020, up by 17 percent, year-on-year (y/y), against N3.8 trillion recorded in the corresponding period of 2019.
The sharp increase in deficit was driven by the decline in revenue which worsened in October, falling by 6.5 percent, month-on-month (m/m) to N275 billion from N294 billion in September.
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The Central Bank of Nigeria (CBN) disclosed this in its monthly economic report for October 2020.
Breakdown of the CBN economic reports from January to October last year showed 28 percent, y/y, decline in FG’s retained revenue during the ten months period, to N2.88 trillion from N3.99 trillion recorded in the same period in 2019.
By Etuka Sunday
The Federation Accounts Allocation Committee (FAAC), yesterday at its meeting through Virtual Conference shared to the three tiers of government, a total sum of N619.343 billion as federation allocation for the month of December, 2020. From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N218.297 billion, the States received N178.280 billion, the Local Government councils got N131.792 billion while the oil producing states received N31.827 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N59.147billion. The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for December, 2020 was N171.358 billion as against N158.785 billion distributed in the preceding month of November, 2020, resulting in an increase of N14.572 billion.
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In this article, we review the significant changes being
proposed to the Companies Income Tax Act (CITA) and its likely
impact on companies.
On Thursday 8 October 2020, His excellency, President Muhammadu
Buhari presented the 2021 Budget Proposals to the Joint session of
the National Assembly. The 2021 Budget Proposal was themed Nigeria s Budget of Economic Recovery &
Resilience . The key budget assumptions are as follows:
benchmark oil price set at US$40 per barrel; daily oil production
estimate of 1.86 million barrels; exchange rate of N379 to US$1,
projected GDP growth of 3% and inflation rate of 11.95%. Based on
Federation Accounts Allocation Committee (FAAC) at a virtual meeting on Wednesday shared a total sum of N619.343 billion as allocation to the three tiers