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Reading: President Muhammadu Buhari Presents Proposed 2021 Budget Of N13.08 Trillion To NASS
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News

President Muhammadu Buhari Presents Proposed 2021 Budget Of N13.08 Trillion To NASS

Tobias Sylvester
By Tobias Sylvester
Published: October 8, 2020
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President Muhammadu Buhari has presented the N13.08trillion budget estimates for the 2021 fiscal year to the joint session of the National Assembly for consideration and approval.

President Muhammadu Buhari Presents Proposed 2021 Budget Of N13.08 Trillion To NASS 1

The 2021 budget which was presented on Thursday, October 8, 2020, is estimated N2.28 trillion higher than the 2020 revised budget of N10.805 trillion. It has a total aggregate revenue projection of N7.89 trillion with a deficit of N4.48 trillion.

The budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.

Inflation growth rate was projected at 11.95 percent; while Gross Domestic Product (GDP) growth rate was fixed at 3 percent.

The total capital expenditure projected in the budget is N3.58 trillion, representing 29% of the aggregate expenditure. This is an improvement over the 24 percent projected in budget 2020.

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The budget breakdown shows that N5.66 trillion is for recurrent (Non-Debt) expenditure; N3.05 trillion for Personnel Costs; N350 billion for Special Intervention (Recurrent); and N20 billion for Special Intervention (Capital).

Sectoral Allocations

  • Ministry of Power: N198 billion
  • Works and Housing N440 billion
  • Ministry of Defence N121 billion
  • Ministry of Defence N110 billion
  • Ministry of Water Resources N146 billion
  • Ministry of Education N127 billion
  • UBEC N70 billion
  • Ministry of Health N132 billion
  • Zonal Intervention Projects (ZIP) N100 billion
  • Niger Delta Development Commission (NDDC) N64 billion.
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The 2021 budget estimates have statutory transfers of N484.49 billion:

  • NNPC = 29.7bn
  • NJC = N110bn
  • UBEC = N70.05bn
  • INEC = N40bn
  • NASS = N128bn
  • PCC = N5.2bn
  • NHRC = N3bn
  • Basic Health = N35.03bn

President Buhari urged federal legislators to pay as much attention to the government’s revenue generation, which he said had remained the major challenge of his administration.

Noting that the budget was prepared amid the global economic downturn occasioned by COVID-19 pandemic, Buhari directed ministers to monitor strictly revenue generation by the government agencies.

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The Senate President Ahmad Lawan, in his brief speech, assured that the 2021 budget will be passed before before the end of the year, 2020.

 

KanyiDaily recalls that Lawan has asked the President Buhari to ensure the submission of the 2021 national budget before the end of September this year 2020.

Lawan said the presentation of the budget before the end of September, would enable the National Assembly to complete necessary works and pass it before the end of December.

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Read Also:👇🏾

  1. Nigerian Senate Gives President Buhari Deadline To Present His Proposed N12.66 Trillion Budget
  2. Prsident Buhari Approves N37 Billion For Renovation Of National Assembly Complex
  3. Buhari Seeks Fresh $5.513 Billion Loan As He Marks His Fifth Year As Nigeria’s President Today
  4. “Vote Us Out If You’re Tired Of Our Faces” – Senate President, Ahmed Lawan Tells Nigerians

TAGGED:Ahmed LawanBudgetmuhammadu buhariNASSNational AssemblyNewsNigerian SenateSenate
ByTobias Sylvester
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Tobias Sylvester is the news editor for Kanyi Daily News and is based in Lagos.Contact Tobias at [email protected] a confidential tip? Submit it here
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