Overview

The document is the 2021 First Quarter Budget Implementation Report (BIR) for Nigeria, published by the Budget Office of the Federation, Federal Ministry of Finance, Budget & National Planning. It provides detailed information on the distribution and utilization of public resources among government ministries, departments, and agencies (MDAs) during the first quarter of 2021. The 2021 Budget, titled 'Budget of Economic Recovery and Resilience,' was prepared in the context of the pandemic-induced global economic recession, low oil prices, and heightened global uncertainty. Key parameters and assumptions were set out in the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), as well as the Nigeria Economic Sustainability Plan (NESP). The NESP serves as a transit plan between the Economic Recovery and Growth Plan (ERGP) 2017-2020 and the successor Medium-Term National Development Plan (MTNDP). The principal objective of the budget is to reposition the Nigerian economy on a path of recovery, growth, and resilience. The publication of this report is mandated by Sections 30 and 50 of the Fiscal Responsibility Act (FRA), 2007, which requires the Budget Office to prepare and submit quarterly BIRs to the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Commission, as well as to circulate them to stakeholders and the public. The report highlights that aggregate revenue for the quarter fell short of projections, even though world crude oil prices were above the budget benchmark, increasing the fiscal deficit. Many capital projects from the 2020 budget that could not be completed were rolled over to 2021.

Download