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Buhari presents N13 trillion 2021 Budget to National Assembly

President Buhari today laid a budget of N13trillion before the National Assembly.

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FG to seek international cooperation to curb illicit financial flows, Ghana and south africa, Illicit financial flows: Nigeria lost $157.5 billion between 2003 and 2012 - Buhari , President Buhari says World Bank, IMF data are not reliable, Ahead of Nigeria, Ghana and South Africa top FDI inflows in Africa – Fitch , Nigeria’s Buhari wants MDAs to publicly disclose transactions above N5 million  

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.

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.

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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.

 

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1 Comment

1 Comment

  1. Micheal chinenye

    October 13, 2020 at 8:19 am

    The budget is a very nice one ,and also just i pray that our country Nigeria becomes a better one tommorow.

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Economy & Politics

Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.

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Why Okonjo-Iweala should win the WTO DG role- Prof. Moghalu

A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.

The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics

READ: WTO: Okonjo-Iweala invites volunteers, says she has no money for PR firm

Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.

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READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support

What you should know

Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.

Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.

(READ MORE:WTO DG: Okonjo-Iweala gets the backing of 79 countries so far)

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Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.

“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”

READ: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt

What this means

If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.

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Economy & Politics

Buhari in crucial meeting with Obasanjo, other former heads of state

President Buhari is presiding over a National Security Council meeting with some former heads of state and some security chiefs.

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Buhari in crucial meeting with Obasanjo, other former heads of state

President Muhammadu Buhari is currently presiding over a National Security Council meeting with some former heads of state and some security chiefs.

READ: Obasanjo opens garment factory, competes with Nike Art Gallery, Sam & Sara 

Although the agenda of the meeting is not made public, issues bothering on the current security situation in the country are believed to top the agenda. This follows the outbreak of violence across the country during the protest against police brutality and extra-judicial killings, which has led to the loss of lives and destruction of public assets and private properties.

READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers

According to media reports, the meeting which is coordinated from the Council Chamber of the Presidential Villa, Abuja, has in virtual attendance General Yakubu Gowon (rtd.), former President Olusegun Obasanjo, Gen Abdulsalami Abubakar (rtd.), former President Goodluck Jonathan and former head of interim national government, Chief Ernest Shonekan.

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READ: #EndSARS: Feminist Coalition raise Cryptos worth $126,000

Others who are physically present at the council chambers are Vice President Yemi Osinbajo;  National Security Adviser, Major General Babagana Monguno (rtd.); Chief of Defence Staff, General Gabriel Olanisakin; Inspector-General of Police, Mohammed Adamu; Director-General, Department of State Services, Yusuf Bichi; and Director-General, National Intelligence Agency, Ahmed Rufai, among others are attending with the President.

READ: #EndSARS: Buhari holds National Security Council meeting with Osinbajo, IGP, others

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This meeting is coming a day after President Buhari’s national broadcast on the security situation in the country calling for an end to the #EndSARS protests as their voices have been loudly heard.

Explore Data on the Nairametrics Research Website

Details later…

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Economy & Politics

Senatorial, State House of Assembly bye-elections postponed – INEC

Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.

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Nigeria's election delay

The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.

According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.

Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.

 

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Details shortly…

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