Budgetary constraints to stop Libyan Agoco crude output

Budgetary constraints to stop Libyan Agoco crude output

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Canada Budgetary Deficit of $12.7 Billion in June 2021 About A Third of That A Year Earlier

There was a budgetary deficit of $12.7 billion in June 2021, compared to a deficit of $33.6 billion in June 2020, the Department of Finance said Friday.

It added the budgetary deficit before net actuarial losses was $11.4 billion, compared to a deficit of $32.7 billion in the same period of 2020-21. The budgetary balance before net actuarial losses is intended to supplement the traditional budgetary balance and improve the transparency of the government’s financial reporting by isolating the impact of the amortization of net actuarial losses arising from the revaluation of the government’s pension and other employee future benefit plans.

As expected, Friday’s statement said, the government’s 2021-22 financial results show a “marked improvement” compared to the peak of the COVID-19 crisis reached in early 2020-21, and the unprecedented level of temporary COVID-19 response

measures at the time. But, it added, they continue to reflect challenging economic conditions, including the impact of continuing restrictions, and the remaining temporary COVID-19 Economic Response Plan supports in 2021-22.

Compared to June 2020: revenues increased by $9.7 billion, or 48.8%, on a year-over-year basis, largely reflecting increases in tax revenues and other revenues.

Also, program expenses excluding net actuarial losses were down $12.2 billion, or 23.7%, reflecting decreases in transfers to persons, transfers to other levels of government, and direct program expenses. Public debt charges increased $0.6 billion, or 50.1%, reflecting higher Consumer Price Index adjustments on Real Return Bonds, offset in part by lower interest on treasury bills. And net actuarial losses were up $0.4 billion, or 43%, reflecting changes in the actuarial valuations for pensions and benefits, which have increased in large part due to declines in year-end interest rates used in valuing these obligations, as well as increased costs associated with the utilization of disability and other future benefits provided to veterans.

for the April to June 2021 period, the government posted a budgetary deficit of $36.5 billion, compared to a deficit of $120.4 billion reported for the same period of 2020-21. The budgetary deficit before net actuarial losses was $32.6 billion, compared to a deficit of $117.7 billion in the April to June period of 2020-21.

Reps gives conditions for CAC’s 2022 budget approval | The Guardian Nigeria News - Nigeria and World News

Its chairman, James Faleke, insisted that except the commission submits the relevant financial documents from 2016 to 2020, it should forget next year’s budget.

He, therefore, directed the Budget Office of the Federation not to entertain any budgetary request from CAC until it clears its records with the panel.

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Faleke made the pronoucement after the Registrar General of the commission, Abubakar Garba, made a submission at the ongoing interactive session on 2022-2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.

The chairman said the documents, submitted by the commission, indicated that its revenue had been lower than its expenditure during the period under review.

According to him, budgetary performance in 2021 has already put the commission in deficit due to its spending, which he said, was not good for the organisation and overall financial status of the country.

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His words: “I have worked in private organisation before coming to the House of Reps, and they will always regulate their expenses and not spend beyond what they generate.

“In your case, you borrow money upfront even before the money comes, therefore, you will have to submit your 2016-2020 financial report before you are granted an audience for 2022 budget.

“You expended what you do not generate. This agency needs a total overhaul to turn it back to what is supposed to be.”

“Today, all the registration is done online, yet you are still carrying unbearable overhead. Things need to change.” Garba had told the panel that most of the expenditure was used to settle outstanding liabilities, explaining that as at 2020, CAC had N2.024 billion in liabilities.