Nigerian President, Muhammadu Buhari on Thursday presented the sum of 13.8 trillion naira budget to the joint session of the National Assembly for 2021 fiscal year.
The budget proposal which is tag Budget of Economic Recovery and Resilience is estimated on the exchange rate of N379 per dollar, $40 barrel per day oil benchmark and oil production volume of 1.86 million per day.
The inflation growth rate was projected at 11.95 percent while Gross Domestic Product (GDP) growth rate was fixed at 3 percent.
The total capital expenditure projected in the budget is N3.58 trillion, representing 29% of the aggregate expenditure.
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. This includes Grants and Aid of N354.85 billion as well as the revenues of 60 Government-Owned Enterprises while oil revenue is projected at N2.01 trillion. Non-oil revenue is estimated at N1.49 trillion.
The budget breakdown shows that N5.66 trillion is for recurrent (Non-Debt) expenditure; N3.05 trillion for Personnel Costs; N350 billion for Special Intervention (Recurrent); and N20 billion for Special Intervention (Capital).
Sectoral Allocations:
Ministry of Defence N121 billion
Ministry of Defence N110 billion
Ministry of Water Resources N146 billion
Ministry of Power: N198 billion
Works and Housing N440 billion
Ministry of Education N127 billion
UBEC N70 billion
Ministry of Health N132 billion
Zonal Intervention Projects (ZIP) N100 billion
Niger Delta Development Commission (NDDC) N64 billion.
The president said that the budget will contain only implementable and critical projects, which when completed, will significantly address current structural challenges of the economy, improve the business environment and accelerate economic recovery.
