Buhari signs Nigeria’s 2021 Budget

By Tanko Mohammed

Nigeria’s N13.5 trillion 2021 budget was on Thursday signed into law by President Muhammadu Buhari.

The appropriation bill was passed by the National Assembly on Dec. 21, 2020 during an emergency session convened for the purpose of passing the budget.

The signing of the budget is also in line with the president’s promise to return the nation to the January to December Budget circle.

The budget estimate was increased by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by President Buhari on Oct. 8, 2020.

The signed budget comprises total Capital Supplementation of N1,060,751,051,650, Statutory Transfer stands at N496,528,471,273; recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product (GDP) growth rate of 3.00 Per cent.

It also provides N3,324,380,000 trillion for debt servicing while N5,641,970,060,680 is for Recurrent Expenditure; and N4,125,149,354,222 for Capital Expenditure.

The president also signed the 2020 Finance Bill into law.