President Muhammadu Buhari appended his signature on the 2021 Appropriation Act, Thursday, the last day of the year 2020.
The bill which was transmitted to the President last week had its budgeted sum increased from N13.08 trillion initially presented to the lawmakers by Buhari in October to N13.6 trillion.
Vice President Yemi Osinbajo; Senate President Ahmad Lawan; Speaker, House of Representatives, Femi Gbajabiamila all witnessed the signing by the President at the presidential villa, Thursday, 31 December, 2020.
Other dignitaries present at the budget signing ceremony include: Secretary to Government of the Federation (SGF), Mr. Boss Mustapha; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
The New Diplomat reports that capital projects benefitted from the budget increase as the sum for capital expenditures in 2021 was jerked up from an initial N3.6 trillion to N4.1 trillion.
The 2021 fiscal budget contains daily oil production rate at 1.86 million per barrel and the Oil Benchmark Price of $40 per barrel.
Exchange rate was put at N379 to $1 as proposed by the executive.
The budget also retained proposed GDP Growth Rate at 3.00 per cent.
Other breakdown includes: Statutory transfer – N496,528,471,273; Debt service – N3,324,380,000,000; Recurrent expenditure – N5,641,970,060,680; Capital expenditure – N4,125,149,354,222; Fiscal Deficit was put at N5.2 trillion
