The Federal Government disclosed on 18th December 2019 that the 2019 Budget achieved 50 per cent performance with the release of N1.2 trillion for capital expenditure.
This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed after an eight-hour Federal Executive Council (FEC) meeting held on 18th December 2019 at the Presidential Villa, Abuja.
The Minister informed that the revenue performance of the budget stood at 81 per cent as at the third quarter of the year, 2019 having realised N4.25 trillion.
She reiterated that the passage of the 2020 Budget due to go into effect on January 1, 2020, while the 2019 budget had become a six months budget billed to expire on 31st December 2019.
In terms of revenue performance, the Minister disclosed that the revenue performance prorated to the third quarter of 2019 is N4.25 trillion and that represents a performance of 81 per cent. That is to the third quarter as such, the budget survives for nine months prorated and not a full year.
Mrs Ahmed further informed that the GDP growth target for 2019 was 3.5 per cent and during the third quarter, the GDP performance was reported as 2.28 per cent.
The minister's statement reads in part“Now that Mr President has assented to the 2020 budget, which is a major achievement for this government, it is clear that the 2019 budget is also a six-month budget. So we have achieved a 50 per cent capital release for 50 per cent performance of the 2019 budget.We have also been able to pass through the National Assembly and the National Assembly has passed the Finance Bill of 2020".
