The Federal Government is planning to prepare a supplementary budget that will cater to the procurement of COVID-19 vaccines and vaccination.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, while speaking at the maiden edition of State House briefing held at the Presidential Villa, Abuja on Thursday said the budget will be ready by March.
According to her, the supplementary budget will sent to the National Assembly for approval.
She stated, “There will be a supplementary budget; the first one will be in March relating the COVID-19 pandemic, but we will also have a mid-year review of the budget like we did last year.
“If at the time we do the review and there is a need to go back to do any amendment for supplementary budget, at that time, we will take that decision; if not, we will just report the review.”
Ahmed hinted that the first batch of COVID-19 vaccines would arrive the country next week.
She said, “We have a provision in the 2021 budget for immunisation. We are already releasing money to the health authorities to start operation in the first batch of vaccines that is going to arrive the country in one week.
“But what we have in the budget is not enough; so, we are working with the health authorities to provide a plan that will be taken to the President for approval and to be taken to the National Assembly as a supplementary budget specifically for COVID-19 vaccination.”
The minister reiterated that the level of Nigeria’s borrowing was not too high contrary to the general belief.
She stated, “There is a lot of sensitivity in Nigeria about the level of borrowing by the government and it is not misplaced.
“I said earlier that the level of borrowing is not unreasonable; it is not high. The problem we have is that of revenue. So, what we need to do is to increase revenue to be able to enhance our debt to GDP obligation capacity.”
Add your voice
People reading currently
FuturizeU supports development of innovative healthcare products in Africa
Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...
Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa
The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...
Catalyst Fund Raises First Round of $40 million investment in African Climate Startups
The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....
Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
A Danish football club, Aarhus Fremad announced on Tuesday that it has sold 55 percent of its shares to the...
MRI is increasing survival rate of women with breast cancer- PPC
PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...
Appeal court upholds Senator Ademola Adeleke’s win in Osun
The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...
Lawmaker demands revamp of bank e-payment platforms
The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...
We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC
The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...
Apply for Amazon Accelerator programme for fintech founders
Application closes April 27, 2023 Today, Amazon Web Services’ Startup Loft Accelerator team announced the inaugural launch of its AWS...
Fully Funded Rotary Peace Fellowships for Masters students
Application Deadline: May 15, 2023 Each year, Rotary awards fully funded fellowships for dedicated leaders from around the world to...