38. It must therefore be integrated into National Development Strategies. By. An aggregate expenditure of N13.08 trillion is proposed for the Federal Government in 2021. We must invest in digital infrastructures and strengthen competition in the sector in order to promote greater universal access to broadband Internet. We thank all Nigerians, for your perseverance and continued support during these difficult times. The 2020 edition of the Latin American Economic Outlook (LEO) assesses the challenges and opportunities of the digital transformation for LAC, and provides recommendations for governments to strengthen their policies, so as use that process more efficiently, and foster more inclusive and sustainable development. We are determined to get rid of bandits, kidnappers and criminal behaviour from our midst. $1.2 trillion in 2020 -- and underscores the relative strength of China’s economic recovery. The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy. Thank you. We have also worked to address emergent cases of insecurity and insurgency, nationwide, with innovative approaches. North East Development Commission – N29.70 billion; c. National Judicial Council – N110.00 billion; d. Universal Basic Education Commission – N70.05 billion; e. Independent National Electoral Commission – N40.00 billion; g. Public Complaints Commission – N5.20 billion; h. Human Rights Commission – N3.00 billion; and. These reforms have released trillions of Naira for allocation to other priority areas. 22. They also forecast … OECD Economic Outlook, Interim Report September 2020 This Interim Report provides updates for G20 country projections made in the June 2020 issue of OECD Economic Outlook (Number 107). The 2019 Statement is expected to contribute to public discussion on the use of our tax policies and system to achieve socio-economic development. Any breach of these directives will be severely sanctioned. I am glad to note that, through our collective efforts, our economy performed relatively better than that of many other developed and emerging economies. 10. OECD Economic Outlook, Interim Report September 2020 DOI: https://doi.org/10.1787/34ffc900-en This Interim Report provides updates for G20 country projections made in the June 2020 issue of OECD Economic Outlook (Number 107). 56. We remain committed to meeting our debt service obligations. “The Interim Economic Outlook projects global GDP to fall by 4½ per cent this year, before growing by 5% in 2021. Construction of Apapa-Oworonshoki-Ojota Expressway in Lagos State; and. We hope to commission the project before the end of our tenure in 2023. In agriculture, we have recorded appreciable success in rice and other crops mainly through the Anchor Borrowers Programme and the Presidential Fertilizer Initiative, anchored by the Central Bank of Nigeria and the Nigeria Sovereign Investment Authority, respectively. Second, we must prepare workers for the digital transformation. We are not prepared for this reality. 13. Distinguished and Honourable Leaders, and Members of the National Assembly, at this juncture, I wish to commend your tremendous efforts in approving the revision of the 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper, and passage of the 2020 Appropriation (Repeal and Amendment) Act, in response to the Coronavirus Pandemic. 9. In addition to the Strategic Revenue Growth Initiatives, we are leveraging technology and automation, as well as more effective monitoring of Independently Generated Revenues. Let me re-emphasize that Nigerians expect that the 2021 Budget will contain only implementable and critical projects, which when completed, will significantly address current structural challenges of the economy, improve the business environment and accelerate economic recovery. Pursuant to our revised assumptions, the amended 2020 Budget was based on a benchmark oil price of 28 US Dollars per barrel; oil production of 1.80 million barrels per day; and an exchange rate of N360 to the US Dollar. It is important to further deepen this relationship in the interest of our people. Today marks an important occasion in our quest to accord the federal budget process the seriousness it deserves. To bridge the infrastructure deficit, we are also implementing innovative financing strategies to pull-in private sector investment. 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. in the OECD Interim Economic Outlook published on Wednesday. Our security operations in the Niger Delta, North Central and North West are yielding desired results. You can count on our support. The OECD is ready to continue to deliver. 40. N20 billion has also been set aside for the Family Homes Fund, our Social Housing Programme. As at July 2020, the Federal Government’s actual revenue available for the budget was N2.10 trillion. Parameters & Fiscal Assumptions Underpinning the 2021 Appropriation. Recall that Nairametrics reported that The Federal Executive Council approved a $40 oil benchmark for the 2021 budget last week, and also FX target of N379/$ for the budget which was today presented to the National Assembly. If we are to close educational gaps, we need to increase the digital capacities of schools, promote the early development of digital skills and abilities, and increase women’s use of, and access to, digital technologies. All agencies have been directed to ensure that they obtain all necessary approvals before embarking on any fresh recruitment. He said, “The National Assembly is ready to pass the 2021 budget before the end of the year, by the grace of God. 31. The Infrastructure Company, which I recently approved, will become a world-class infrastructure development vehicle, wholly focused on making critical infrastructural investments in Nigeria. Provisions have been made for legacy debts owed to local contractors compensation and resettlement of project-affected communities, the Renewable Energy Micro Utility (Solar) project, and the construction of transmission lines and substations nationwide. The OECD is contributing to this through initiatives such as the updating of the global tax reporting framework for the digital economy, the Going Digital project, the Principles on Artificial Intelligence, and the report on "How's Life in the Digital Age?".

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