
President Muhammadu Buhari has presented the twenty twenty one budget estimated at thirteen point zero eight trillion naira to a joint session of the National Assembly.
The lawmakers are expected to receive the Finance Bill which will contain details of the budget for consideration and passage.
President Muhammadu Buhari had arrived the chamber in a serene atmosphere to lay the 2021 appropriation bill.
The size of the 2021 budget has increased by 21% over the revised 2020 spending plan of 10.8 trillion naira
The increase in budget size is to adapt to the soicioeconomic crisis brought about by the coronavirus pandemic.
Expenditure is projected at 13.08 trillion Naira with a crude oil benchmark price of 40 dollars per barrel and daily oil production estimate of 1.86 million barrels
This also includes spending by Government Owned Enterprises and Grants is projected at 1.35 trillion Naira while Aid funded expenditure is set at 354.85 billion Naira.
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 N501.19 billion and Overhead cost at N625.50 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.
Based on the foregoing fiscal assumptions and parameters, total revenue to be distributed is estimated at N8.433 trillion in 2021.
Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion. This includes Grants and Aid of N354.85 billion as well as the revenues of 60 Government-Owned Enterprises.
The deficit, Mr Buhari said, will be financed mainly by new borrowings totalling N4.28 trillion with N205.15 billion from Privatisation Proceeds and N709.69 billion in drawdowns on multilateral and bilateral loans secured for specific projects and programmes.
Oil revenue is projected at N2.01 trillion. Non-oil revenue is estimated at N1.49 trillion.
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.
President of the Senate Ahmed Lawan is giving assurances that the National Assembly is ready to pass the budget in good time.
But he is stressing that there is the need to increase revenue generation.
Speaker of the House of Representatives, Femi Gbajabiamila is toeing the same line .
With the 2021 budget before the lawmakers, budget defence is expected to begin in earnest so to keep to the January to December budget cycle
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