- Puts Crude oil Benchmark at $40bpd,
- Exchange rate at N379 to $1
- GDP growth rate at 3%
- Inflation rate at 11.95%
President Muhammadu Buhari has presented the 2021 appropriation bill to the National Assembly. It contains N13.08 trillion as estimated amount for the nation’s spendings in the next fiscal year.
The 2021 budget themed ‘Economic Recovery and Resilience’, was targeted at promoting economic diversification and social inclusion.
According to the president, “the main thrust of the 2021 budget is to complete as many ongoing projects as possible”, while giving priority to the ones that most affect the people.
Crude oil benchmark was projected at $40bpd, exchange rate at N379 to $1, GDP growth rate at three per cent and inflation rate at 11.95 per cent.
While presenting the budget before a joint session of the national Assembly, Buhari said capital expenditure has been estimated to gulp N3.58trn, while the budget estimate has N5.2trn deficit.
The President proposed that 3.124trn would be spent on debt servicing.
National Assembly gets N128 billion in 2021 budget as proposed by President Buhari and N380.21b has been allocated to the health ministry.
The 2021 budget is coming exactly a year after the previous one was presented to the Assembly on 8th of October, 2019, marking a coincidence.
Buhari was accompanied by Vice President Yemi Osinbajo, the SGF, Boss Mustapha, Chief of Staff to the President, Ibrahim Gambari and Minister of Finance, Zainab Ahmed, among others.
Earlier, the Senate President, Senator Ahmed Lawan in his welcome speech said the passage of the 2020 passage and assent in good time was a clear indication of the smooth working relationship between the executive and legislature.
He said they are ready to pass the 2020 budget before the end of the year.
He said the implementation of 2020 budget has shown a remarkable improvement compared to previous years.
The Senate President said he hopes that the 2021 budget would be targeted at consolidation of gains of the 2020 budget. He also said it should be targeted at creating more jobs.