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.
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.
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
The 2021 budget estimates have statutory transfers of N484.49 billion:
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.
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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