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President Muhammadu Buhari today, October 8, presented a budget of N13.08trillion to a joint session of the National Assembly for approval for the 2021 fiscal year.
The budget tagged: “Budget of economic recovery and resilience,” is based on an estimated oil price benchmark of 40dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day), and an exchange rate of N379 per dollar.
The president said that the total aggregate revenue projected for the 2021 budget was N7.86 trillion with a deficit of N5.2 trillion, representing 3.4 per cent of the GDP.
“Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. The 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,” he said.
The president said the 2021 budget was the roadmap for the post-coronavirus economy and was aimed at accelerating the economic recovery process.
Mr. Buhari said the deficit will be financed mainly by new borrowings totalling N4.28 trillion, 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.
Others are Public Complaints Commission – N5.20 billion; Human Rights Commission – N3.00 billion; and Basic Health Care Provision Fund – N35.03 billion.
President Buhari also said in compliance with the Fiscal Responsibility Act 2007, all beneficiaries of Statutory Transfers will be required to provide the Budget Office of the Federation with periodic reports on the allocation and expenditure of funds for inclusion in the quarterly Budget Implementation Report.
The lawmakers are expected to receive the Finance Bill which will contain details of the budget for consideration and passage.
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