Thursday, September 23, 2021

Buhari signs 2021 budget

The budget, set at N13.5 trillion, is the highest in the nation’s history after it had been increased by about N505 billion by lawmakers.

• December 31, 2020
President Muhammadu Buhari
President Muhammadu Buhari

The 2021 Appropriation Bill has been signed today by President Muhammadu Buhari.

The budget, set at N13.5 trillion, is the highest in the nation’s history after it had been increased by about N505 billion by lawmakers, from its initial N13.08 trillion at the time the Appropriation Bill was presented in October.

The bill was read for the third time at a special plenary session of the Senate and was passed by the House on December 21.

The factors that led to this amount pegged for the country’s next fiscal year include the benchmark oil price at $40 per barrel, oil production estimates, the current exchange rate of N379 to the dollar and GDP growth projected to be three percent.

The budget is christened “Budget of Economic Recovery and Resilience”. The recurrent expenditure (N5.64 trillion) represents 41.5 percent of the total budgeted amount while the N4.125 trillion budgeted for capital expenditure represents 30.4 percent of the total budget. Debt servicing is expected to take up N3.324 trillion of the budget.

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