2021 budget: Buhari set to lay N13.08trn budget proposal

October 8, 2020
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President Muhammadu Buhari is set to formally lay the N13.08 trillion budget proposal for the 2021 fiscal year before the joint session of the National Assembly.

The security operatives attached to the Presidency took over major entrances leading to the National Assembly complex.

President Buhari, who arrived at about 11.03 am, was accompanied by the Vice President, Prof. Yemi Osinbajo, Secretary to the Government of the Federation (SGF), Mr Boss Mustapha and some members of the Federal Executive Council (FEC).

According to the approved 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) approved by both Chambers, the parameters on which the 2021 budget include: $40 oil benchmark, N379 exchange rate, 1.86mbpd oil production and N4.28 trillion borrowing plan for Nigeria.

The total recurrent (Non-Debt) worth N5.67 trillion; Personnel Costs (MDAs and Government Owned Enterprises (GOEs) worth N3.76 trillion; Capital expenditure (excluding of transfers) stands at N3.56 trillion; Special Intervention (Recurrent) worth N350 billion while N20 billion was proposed as Special Intervention.

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