President Muhammadu Buhari has presented Nigeria’s N13 trillion 2021 budget estimate to a joint session of the National Assembly.
The proposed expenditure is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel.
The budget contains recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and Debt Service of N3.12 trillion.
Statutory transfers has been put at N484.4 billion while Pension, Gratuities & Retirees Benefits was put at N500.19 billion.
A projected inflation rate of 11.95 per cent and GDP growth rate of 3.00 per cent was considered.
The president budgeted N128 billion for the National Assembly and N63.5 billion for the Niger Delta Development Commission.
Other allocations include N29.7 billion for the North East Development Commission, N110 billion for the Nigerian Judicial Council, N70.05 billion for UBEC and N40 billion for the electoral umpire, INEC.
Mr Buhari said the 2021 budget is titled ‘Economic Recovery and Resilience’ with the aim of promoting economic diversity and enhancing social inclusion.
Compared to budget presentations done in previous years, the President’s entourage only consisted of a few key persons.
According to Senate President Ahmed Lawan, the new arrangement became necessary in order to maintain social distancing during the presentation, as a result of the COVID-19.
Senate President Ahmed Lawan addresses the lawmakers. He also notes that while the 2020 budget focussed on job creation and economic stability among other things, the 2021 budget is targeted at the consolidating on the of gains on the 2020 budget.
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