FG spends 118.37 billion on COVID-19 in 2020 – finance minister
Minister of Finance, Budget and National Planning Ms Zainab Ahmed said that 118.37 billion was spent on COVID-19 in 2020.
Speaking at a virtual public presentation of the approved budget for 2021, the minister said $ 1.8 trillion was spent on equity projects, $ 3.27 trillion on debt servicing and $ 3.19 trillion. for the payment of wages and pensions.
With regard to capital expenditures, Ahmed noted that this figure is about 89 percent of the allocation for investment projects.
He explained that out of 1.8 trillion. N invested in capital projects, 118.37 billion N went to capital expenditures related to COVID-19.
He added that while the federal government had forecast spending for 2020 at $ 9.97 trillion. Argentine dollars, in fact it spent about 10.08 trillion. Argentine pesos, accounting for 101%.
The minister said that 709.69 billion N. will be raised to finance the budget deficit for 2021.
Ahmed also said the federal government received $ 3.94 trillion in fiscal 2020, adding that this figure is roughly 73% of its fiscal 2020 target.
This means that apart from the projected revenue target of N5.39 trillion for 2020, the government could only reach NN 3.94 trillion, leaving a revenue deficit of NR 1.45 trillion.
The minister said that while oil revenues exceeded targets, non-oil revenues were not overly impressive.
According to the minister, the federal government earned $ 1.52 trillion. N.
He added that the collection of corporate income tax (CIT) and VAT (IVA) amounted to 673.22 billion and 192.66 billion dollars, which is 82% and 68%, respectively. % of revised planned quotas for the period.
Ahmed estimated customs revenues at 410.21 billion Argentine francs, about 79% of revenues, adding that other revenues also contributed to the revenues.
The minister blamed low incomes for the negative impact of the coronavirus pandemic, adding that customs duties were affected by the slowdown in trade caused by COVID-19.