SAN FRANCISCO, October 08, (THEWILL) – Nigerian President, Muhammadu Buhari on Thursday presented 13.08trn for the 2021 fiscal year to the joint session of the National Assembly
The spending plan is about 21% rise from the revised 2020 spending plan of 10.8trn.
The main thrust of the budget, tagged “Budget of Economic Recovery and Resilience”, the President said, was to complete as many ongoing projects as possible, while giving priority to the ones that most affected the people.
According to President Buhari, the 2021 budget would drive the MDAs to generate revenue, no matter how little, while urging the Legislature to pay attention to the revenue as much as they did to the expenditure. “The 2021 budget was the roadmap for post-corona virus economy and was aimed at accelerating the economic recovery process”, he added.
The budget assumes crude production of 1.86 million barrels a day and an oil price of $40 per barrel with the exchange rate at N379 to $1. Projected GDP at 3% and inflation rate at 11.95%.
The National Assembly gets N128 billion in the 2021 budget plan, while N380.21b was proposed for the health ministry. N3.8 trillion has been allocated to all ministries departments and agencies for the execution of capital projects.
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Buhari said Multiple Rural Electrification Projects, Mambilla Hydro Power Project, Zungeru Hydro Power Project, among others, were key power projects under the 2021 Budget. He stated that N420 billion had been earmarked for the Social Investment Programmes, while N20 billion had been earmarked for the Social Housing Programmes.
The President said he had directed the Minister of Finance to finalize the Finance Bill and transmit for consideration and passage.
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