Thread by @taiwoyedele

Some good initiatives in the 2021 Budget Speech but Government Owned Enterprises should not be asked to focus on revenue generation, that'll be counterproductive. pwc.smh.re/0ZuD

Rather, Govt Owned Enterprises should focus on rendering services and facilitating businesses. When businesses and individuals are successful, they will pay tax.

Here is the 2021 Budget at a glance:

Below are 10 key highlights from the Budget Speech:

1) The 2021 Finance Bill will be forwarded to NASS shortly for consideration
2) Tax expenditure statement for 2019 to be provided
3) Inclusion of the revenue and expenditure of 60 State Owned Enterprises

4) Rural Electrification Projects in the 36 States and Abuja
5) Provisions for legacy debts owed to local contractors
6) Earmarked funds for projects such as the Lagos-Ibadan-Kano Line, Abuja-Kaduna Line, Port-Harcourt-Maiduguri Line and Itakpe-Ajaokuta-Warri Line.

7) Provision for the payment of allowances to 5,000 teachers under the Federal Teachers Scheme
8) Quick passage of the Petroleum Industry Bill into law expected to boost confidence and attract further investments into the oil and gas sector and increase revenues

9) Revenue generation remains government's main challenge. In this regard key revenue management measures introduced include deregulation of the price of petroleum products; ongoing verification exercise with IPPIS; and implementation of service-based electricity tariffs.

10) Government is committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years. Social safety nets will be implemented to cushion the effect of the most vulnerable of our citizens as well as business owners.

The 2021 Appropriation Bill has been designed to further deliver on the goals of government’s Economic Sustainability Plan. The Honourable Minister of Finance, Budget and National Planning will, later, provide the full details of these proposals.

It is expected that the Budget will be passed into law in time for implementation to commence by 1 January 2021.

The #2021Budget.