TheCable

President Muhammadu Buhari will sign the 2021 budget today.

According to Garba Shehu, a presidential spokesman, the president will sign the appropriation bill into law at 11:00 am.

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.

On October 8, Buhari presented the 2021 budget of N13.08 trillion to a joint session of the national assembly.

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.

With the increase in 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).

Babajide Omoworare, senior special assistant (SSA) to the president on national assembly (senate) and Umar El Yakub, his counterpart in the house of representatives, are expected to present the 2021 budget to Buhari for signing.

Vice President Yemi Osinbajo; Senate President Ahmad Lawan; Femi Gbajabiamila, speaker of the house of representatives, among others are expected to witness the signing of the budget.