09 Oct ALL THE RELEVANT NEWS: FRIDAY
> President Buhari, yesterday, presented the N13.08 trillion ($34.4 billion) budget estimates for the 2021 fiscal year to the joint session of the National Assembly. * It is N2.28trn higher than the 2020 revised budget of N10.805trn.
* Revenue: Total aggregate revenue projection is N7.88trn, with a deficit of N5.20trn. It is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.
Inflation growth rate was projected at 11.95 percent; while GDP growth rate was fixed at 3 percent.
* Expenditure: The total capital expenditure is N3.85trn, 29% of the aggregate expenditure.
N5.65trn is for recurrent (Non-Debt) expenditure; N3.76 trillion for personnel costs; and N501.19bn for pensions, gratuities and retirees’ benefits.
Overheads get N625.50 billion; Debt Service N3.124 trillion; Statutory Transfers N484.49 billion; and Sinking Fund N220 billion.
> Recession looms? He said the economy may slide into the second recession in four years due to the declining gross domestic growth.
* The economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the coronavirus pandemic.
* Real GDP growth declined by 6.1 percent in the second quarter of 2020 and it is projected to be negative in the third quarter of this year, “as such, our economy may lapse into the second recession in four years, with significant adverse consequences.”
> Other highlights: FG hopes to complete the Second Niger Bridge before the end of his tenure in 2023; only federal staff captured on the Integrated Personnel Payroll Information System will get salaries.
> Oil prices on track today for the biggest weekly gains since early June, on the back of supply outages caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway; Brent crude was up 16 cents at $43.50 a barrel by 0748 GMT.
> Buhari has renewed the appointment of Dr Faisal Shuaib as the Executive Director/CEO of the National Primary Health Care Development Agency for a second and final term of four years.
> The World Bank has said that the removal of petrol subsidy in Nigeria was an important step amid the COVID-19 crisis.
> CBN has asked the public to beware of fraudulent loan offers and investment schemes.
> Ngozi Okonjo-Iweala has thanked Nigerians and President Buhari over the support as she aspires to be the first Director-General of the World Trade Organisation.
> COVID-19 Update: Nigeria recorded 103 new cases on Thursday as countries like Germany, UK and Canada reported daily spikes. The NCDC said: “So far, Nigeria has recorded 59,841 cases. 51,551 patients have been discharged, while 1,113 persons have died.”
* PTF issues new guidelines for re-opening of schools; insists on the need for more testing.
> Ex-Alpha Beta MD sues Tinubu, others for alleged fraud.