2021 Budget: FG To Pay Local Contractors N15bn

The Federal Government has budgeted N15billion in 2021 to settle local contractors.
This is contained in the 2021 budget details under Service Wide Votes captured as payment for local contractors’ debt.
In August, contractors under the aegis of Local Contractors of Nigeria (LCN) picketed the Federal Ministry of Finance, demanding to be paid for contracts executed three to 12 years ago and running into billions of Naira in various Ministries, Departments and Agencies (MDAs) of the Federal Government.
Under the schedule, the Nigeria Airways ex-workers have been scheduled to be paid N5,750,380,668 in 2021.
Also for next year, the government has made provision to inject N15billion into “Development Finance Institution (DFI).”
The budget did not specify if the N15billion is for all the DFIs or just one.
However, plans have been on to recapitalise the Development Bank of Nigeria (DBN) with 2021 as the target year for additional funds to be injected into the bank.
The injection of additional capital into the DBN would boost its capacity to fund more Micro Small and Medium Enterprises (MSMEs).
Next year, the government would release a grant of N10billion “to BoI to support low-interest lending to SMEs”.
Aside from DBN, other Development Finance Institutions in Nigeria, include the Bank of Agriculture (BOA); Bank of Industry (BoI); Federal Mortgage Bank of Nigeria (FMBN); Nigeria Export-Import Bank (NEXIM) and The Infrastructure Bank.
Under Service Wide Vote in 2021, N25billion has been earmarked for special intervention N5billion to settle MDAs electricity bills.
Also, N17,899,000,000 would be refunded into the special account, and another N16,703,390,000 would be returned to the Asset Management Company of Nigeria (AMCON) while N20billion will be spent on special intervention programmes and projects, next year.
Furthermore,N15billion would spent on subscription to shares in international organisations and N1billion on the Presidential Enabling Business Environment Council (PEBEC).
Construction of the National Assembly library will take N4billion while N1billion will be used to execute the Integrated Personnel Payroll Information System (IPPIS) in 2021.
Meanwhile, N65billion has been earmarked for the Presidential Amnesty Programme and the reintegration of transformed ex-militants.