President Buhari signs 2021 Budget

President Buhari signs 2021 Budget

President Muhammadu Buhari on Thursday in Abuja signed the 2021 Appropriation Bill of N13,588,027,886,175 into law.

The president’s action followed the bill’s passage by the National Assembly on Dec. 21 at an emergency session convened for that purpose.

 

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

 

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

 

The signed budget comprises total Capital Supplementation of N1,060,751,051,650, Statutory Transfer stands at N496,528,471,273, while the expected Gross Domestic Product (GDP) growth rate is 3.00 per cent.

 

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

 

Dignitaries who witnessed the signing of the budget include Vice-President Yemi Osinbajo, Senate President Ahmad Lawan and Speaker of the House of Representatives Femi Gbajabiamila.

 

Others are the Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers as well as a few top government officials.

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