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Buhari signs 2021 N13.58trn budget into law

Buhari signs 2021 N13.58trn budget into law
December 31
12:53 2020

President Muhammadu Buhari has signed the 2021 appropriation bill of N13.588 trillion into law.

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With this action, Buhari has maintained the January to December budget cycle.

This development comes more than a week after federal lawmakers passed the budget and raised its total sum by N508 billion.

It is also three days after the national assembly transmitted the 2021 appropriation bill of N13.5 trillion to the president for assent.

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Buhari had presented the initial 2021 budget proposal of N13.082 billion to a joint sitting of the national assembly on October 8.

The event was held at the council chambers of the State House in Abuja, on Thursday.

The budget is predicated on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.

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With the increase of the total budget size, the capital expenditure is now N4.125 trillion.

The sum of N3.324 trillion was earmarked for debt service and the sum of N5.641 trillion was voted for recurrent (non-debt expenditure).

The 2021 budget tagged “budget of economic recovery and resilience” seeks to address issues of security, economic growth, health and implications of the coronavirus pandemic.

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