Buhari presents N13.08 trillion for 2021 budget

Nigerian President Muhammadu Buhari on Thursday presented a record 13 trillion-naira budget for 2021 to members of the National Assembly.

The spending plan is about 21% rise from the revised 2020 spending plan of 10.8 trillion naira.

The budget assumes crude production of 1.86 million barrels a day and an oil price of $40 per barrel with the exchange rate at N379 to $1, Buhari said.

“Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion,” he said.

“This includes Grants and Aid of N354.85 billion as well as the revenues of 60 government-owned Enterprises.

According to him, oil revenue is projected at N2.01 trillion and non-oil revenue is estimated at N1.49 trillion.

“As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation.

“Accordingly, I implore you to pay as much attention to the revenue side as you do to the expenditure side.”

He stated that N3.12trillion had been earmarked for debt servicing in 2021 as against N2.1trillion in 2020.

The National Assembly gets N128 billion in the 2021 budget in the plan, while N380.21b was proposed for the health ministry. N3.8 trillion has been allocated to all ministries departments and agencies for the execution of capital projects.