"We estimate that global public debt will reach a record-high of about 100 percent of GDP in 2020.". b. N1 trillion to large agricultural and manufacturing businesses. The Ministry of Transportation has earmarked funds for projects such as the Lagos-Ibadan-Kano Line, Abuja-Kaduna Line, Port-Harcourt-Maiduguri Line and Itakpe-Ajaokuta-Warri Line. The 2019 Statement is expected to contribute to public discussion on the use of our tax policies and system to achieve socio-economic development. In a press statement obtained by Business Post today, the global lender said it was cutting the forecast to 2 percent “to reflect the impact of lower international oil prices.” We have also worked to address emergent cases of insecurity and insurgency, nationwide, with innovative approaches. Learn how your comment data is processed. Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. IMF says the higher than expected GDP decline is a sign that poorer economies are being hit harder because, “for many countries that are staring out at lower per capita income levels when you have a growth hit of 3 percentage points, the distress that it causes in peoples lives is in a bigger magnitude than a similar decline for an advanced economy so these are very difficult times.”. “I thank members of the National Assembly for fulfilling that promise, by working assiduously towards achieving that promise, and the same vigor would be applied to the 2021 Appropriation Bill when it is presented.”, READ: New PIB amends royalties by oil firms as Sylva clarifies position on scrapping of NNPC, President of the Senate, His Excellency, Ahmad Ibrahim Lawan welcomes the President to the National Assembly for the presentation of the #FGNBudget2021. The IMF expects poorer nations dealing with the disease to have longer economic recoveries as lockdowns continue in the worst-hit to global, IMF says the higher than expected GDP decline is a sign that poorer economies are being hit hard, IMF list unpopular policies CBN must reverse, Wealth of world’s billionaires hits $10.2 trillion, Chinese Loans: Clauses are international standard terms – Amaechi. c. Implementation of service-based electricity tariffs. 12. Today marks an important occasion in our quest to accord the federal budget process the seriousness it deserves. As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation. Why it’s happening; Recall some months ago Nairametrics broke the news that a publicly-traded company based in America, MicroStrategy recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. It … The company said its profits increased by 58% from July – September. Funds have been provided for the provision of scholarship awards to Nigerian students at home and abroad. Universal Basic Education Commission: N70 billion; k. Zonal Intervention Projects: N100 billion; and. Power: N198 billion (inclusive of N150 billion for the Power Sector Recovery Plan); e. Agriculture and Rural Development: N110 billion; g. Industry, Trade and Investment: N51 billion; i. The Euro Area is expected to shrink by 10.2% in 2020 and grow 6% in 2021. 41. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted”, READ: Facebook unveils F2 for payment and commerce plans, appoints David Marcus to head group. The Itakpe-Ajaokuta Line was finally completed after over 30 years since it was initiated and commissioned in September 2020. N11.363 trillion, or $31.477 billion as of June 30, 2020. The report, which was released at the ongoing virtual Spring Meeting in Washington, stated that after the 3.4% recede, the Nigerian economy is expected to grow by 2.4% in 2021. Parameters & Fiscal Assumptions Underpinning the 2021 Appropriation. 44. Distinguished Senators, Honourable Members, permit me to reiterate that the main thrust of our capital spending programme in 2021 is the completion of as many ongoing projects as possible across the country. Until projects reach completion, they do not deliver the dividends of democracy that Nigerians rightly deserve. 10. 46. 28. 35. The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy. The company can dominate additional market shares if Huawei goes out of memory chips. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. Brazil is expected to shrink 9.1%, Mexico by 10.5% and India by 4.5%. The International Monetary Fund (IMF) on Monday announced the downward review of growth forecast for Nigeria’s economy in 2020. Let me emphasise that revenue generation remains our major challenge. The International Monetary Fund (IMF) has announced that the Nigerian economy would witness a deeper contraction of 5.4% and not the 3.4% it projected in April 2020.