Nigeria's President, Muhammadu Buhari presented the 2021 Budget on 8 October 2020, to the Joint Session of the National Assembly.
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Revenue generation remains a challenge in the face of falling oil prices and economic contraction, especially as a result of the COVID-19 pandemic. Key concerns include the growing budget deficit and rising debt.
The focus on capital expenditure is expected to create the enabling environment and infrastructure for businesses to thrive and stimulate economic activities.
The annual presentation of Finance Bills and the introduction of Tax Expenditure Statement indicates government’s increased focus on taxation and fiscal policies.