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Buhari presents Nigeria’s 2021 budget to lawmakers
Proceedings are underway as Nigeria’s President Muhammadu Buhari, is presenting the 2021 appropriation bill to a joint session of the National Assembly today. Lawmakers earlier approved the 2021 to 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper. Taiwo Oyedele, Partner and West Africa Tax Leader at PwC Nigeria joins CNBC Africa’s Kenneth Igbomor for this conversation.
Thu, 08 Oct 2020 11:44:45 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Impact of COVID-19 on budget allocation and the push for transparency through government-owned enterprises inclusion
- Importance of innovative funding mechanisms and private sector partnerships for long-term development priorities
- Need for enhanced monitoring of budget performance and implementation to ensure accountability and efficiency in resource utilization
Nigeria's President Muhammadu Buhari presented the 2021 appropriation bill to a joint session of the National Assembly today. The lawmakers had earlier approved the 2021 to 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper. In an exclusive interview with Taiwo Oyedele, Partner and West Africa Tax Leader at PwC Nigeria, CNBC Africa’s Kenneth Igbomor delved into the key takeaways from the President's budget presentation.
Oyedele highlighted the impact of COVID-19 on the budget, with a significant increase in nominal terms compared to the previous year. The government is allocating resources to combat the effects of the pandemic, while also introducing a more transparent process by including government-owned enterprises in the budgeting system. This is aimed at improving efficiency, scrutiny, and accountability in the budgeting process.
The move to bring 60 government-owned agencies into the budgeting framework is seen as a positive step towards enhancing transparency and fiscal discipline. Oyedele emphasized the importance of focusing on service delivery and facilitating business growth, rather than solely relying on revenue generation.
When discussing Nigeria's long-term development priorities, Oyedele stressed the need for innovative funding mechanisms to support key projects. He proposed leveraging private sector partnerships to finance infrastructure projects, reducing the reliance on borrowing and stimulating economic growth.
Furthermore, Oyedele underscored the importance of monitoring budget performance and implementation to ensure accountability and effective utilization of resources. He highlighted the low levels of budget performance in recent years and called for increased scrutiny and oversight to drive efficient execution of budget plans.
As Nigeria navigates the economic challenges posed by the pandemic, President Buhari's budget presentation signals a strategic approach to addressing the country's fiscal priorities. The emphasis on transparency, efficiency, and accountability in budget management sets a positive tone for the upcoming fiscal year. However, the real test lies in the effective implementation of these budget proposals to drive sustainable economic growth and development in Nigeria.
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