President Muhammadu Buhari presented a budget of N13.08 trillion to the National Assembly.
This was disclosed by the President during his session with the Senators and Reps on Thursday morning.
The 2021 budget estimates have statutory transfers of N484.49 billion:
•NNPC = 29.7bn
•NJC = N110bn
•UBEC = N70.05bn
•INEC = N40bn
•NASS = N128bn
•PCC = N5.2bn
•NHRC = N3bn
•Basic Health = N35.03bn#FGNBudget2021
— Bashir Ahmad (@BashirAhmaad) October 8, 2020
Recall that Nairametrics reported that The Federal Executive Council approved a $40 oil benchmark for the 2021 budget last week, and also FX target of N379/$ for the budget which was today presented to the National Assembly.
In August, the Ministry of Finance disclosed that the Federal Government is expected to spend a record N12.65 trillion ($33.20 billion) as the budgetary expenditure in 2021, which is a 17.2% increase from the N10.8 trillion revised budget.
The 2021 budget has an 11.95% inflation target, N13.08 trillion total aggregate expenditure (29% Capex), with a deficit of N4.48 trillion. He added that key power projects under the budgets will be the Multiple Rural Electrification Projects, Mambilla Hydro Power Project, Zungeru Hydro Power Project, and others.
President Buhari states that N420 Billion has been earmarked for the Social Investment Programmes, while 20 Billion has been earmarked for the Social Housing Programmes. #FGNBudget2021
— Buhari Media Organization (@BuhariMediaORG) October 8, 2020