On Thursday, Nigerian President Muhammadu Buhari submitted to members of
the National Assembly a record 13 trillion-naira budget for 2021.
The budget plan is up by around 21 percent
from the updated 10.8 trillion naira expenditure plan for 2020.
The budget assumes 1.86 million barrels a day of crude output and an oil
price of $40 a barrel with the exchange rate at N379 to $1, President 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.
Oil revenue is expected at N2.01 trillion, according to
him, and non-oil revenue is valued 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.
In the 2021 budget, the National Assembly gets N128 billion in
the programme, while N380.21b has been proposed to the Ministry of Health.
N3.8 trillion has been allocated to all departments
of ministries and agencies for executing capital projects.
Source: THE GUARDIAN NEWS