Overview

The 2020 First Quarter Budget Implementation Report (BIR) provides detailed information on the distribution and utilization of public resources by government agencies in Nigeria during the first quarter of 2020. The document begins with a foreword by Zainab Shamsuna Ahmed, Honourable Minister of Finance, Budget and National Planning, who highlights that the 2020 Budget, titled 'Budget of Sustaining Growth and Job Creation', is based on the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), derived from the Economic Recovery and Growth Plan (ERGP) 2017-2020. The principal objectives are to accelerate economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion. The report complies with Sections 30 and 50 of the Fiscal Responsibility Act (FRA) 2007, which mandates the Budget Office of the Federation (BOF) to prepare quarterly reports for submission to the Joint Finance Committee of the National Assembly (NASS) and the Fiscal Responsibility Commission (FRC), and to circulate them to stakeholders and the public. The preface notes that the 2019 fiscal year was challenging due to revenue and external balance constraints, and that ongoing capital projects were rolled over to the 2020 Budget to ensure completion. However, the implementation of the 2020 Budget faced challenges due to the COVID-19 pandemic, which began in late 2019, leading to a collapse in crude oil demand and prices, a downward revision of oil price and production benchmarks, a significant decline in aggregate revenue, and a worsening of the federal government's fiscal balance.

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