Finance Minister reviews fiscal year 2019

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The Finance Minister has reviewed fiscal year 2019.

According to her, the Federal Government has so far released N1.2 trillion in capital expenditure, representing a 50 percent capital performance for the 2019 fiscal year.

The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed made this disclosure when he briefed State House correspondents after the Federal Executive Council (FEC) meeting, presided over by President Muhammadu Buhari, on Wednesday at the Presidential Villa, Abuja.

According to her, the revenue performance prorated to third quarter of 2019 is 4.25 trillion which represents a performance of 81 percent.

She revealed that the Gross Domestic Product (GDP) planned for 2019 was 3.5 percent and the third quarter GDP performance was reported as 2.28 percent.

The Minister said that on expenditure, the finance ministry had been able to release all that was required for personnel cost while debt service was also on course.

“On overhead, we have been able to release eight months overhead for general MDAs and 11 months overhead for some MDAs that we classify as critical and this include the security services, the Federal Government Unity Colleges as well as NYSC and Nigerian Correctional Service.

“So, a few agencies that we classify as critical have received 11 months and we are working on the 12-month overhead release for these categories of MDAs.

“So far, as at last week, we have released up to N1.2 trillion in capital expenditure and that is a 50 percent performance of the capital for the whole year, 2019.

“And now that the President has assented to the 2020 which is a major achievement for this government; it is clear that the 2019 budget is also a six-month budget; so we achieved 50 percent capital release for 50 percent performance of the 2019 budget,’’  she said.

She disclosed that the National Assembly had passed the Finance Bill of 2019 which would soon be presented to the President for assent.

Ahmed said that her ministry had started the process for the long-term plan, adding that the new long term development plan had prepared a road-map.

“It is going to be subjected to various stakeholder reviews before we start the actual planning process,’’ she noted.

The meeting which lasted almost eight hours was dedicated to presentation of account of stewardship of the ministers in the last 100 days of the administration.

Amaka E. Nliam