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President Muhammadu Buhari has on Thursday signed the 2021 appropriation bill of N13,588,027,886,175 into law.
The signing of the bill comes 10 days after the National Assembly had passed the bill during am emergency session.
With the president’s assent, the bill will become law and the implementation is expected to commence in January for the 2021 fiscal year and would fulfill the plan of the government to return the country to the January – December Budget timeline.
As reported by News Agency of Nigeria, NAN, the budget estimate was increased by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by President Buhari on Oct. 8, 2020.
Statutory Transfer stands at N496,528,471,273; recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product (GDP) growth rate of 3.00 Per cent.
It also provides N3,324,380,000 trillion for debt servicing while N5,641,970,060,680 is for Recurrent Expenditure; and N4,125,149,354,222 for Capital Expenditure