President Muhammadu Buhari has presented the proposed 2021 Budget of N13 trillion to the lawmakers.
Compared to budget presentations done in previous years, the President was only accompanied by Vice President Yemi Osinbajo and a few ministers, while the others participated virtually.
According to Senate President Ahmed Lawan, the new arrangement became necessary in order to maintain social distancing during the presentation, as a result of the COVID-19.
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In the budget tagged: “Budget of economic recovery and resilience,” Buhari said the main thrust of the 2021 budget was to complete as many ongoing projects as possible, while giving priority to the ones that most affected the people.
He said the 2021 budget would drive the MDAs to generate revenue, no matter how little, while urging the Legislature to pay attention to the revenue as much as they did to the expenditure.
According to him, the 2021 budget was the roadmap for post-coronavirus economy and was aimed at accelerating the economic recovery process.
Buhari said Crude oil is projected at $40bpd, exchange rate at N379 to $1, GDP at three percent and inflation rate at 11.95 per cent.
He said he had directed the Minister of Finance to finalise the Finance Bill and transmit for consideration and passage.
In the budget, the National Assembly got N128 billion, while N380.21b has been allocated to the health ministry.
Buhari said Multiple Rural Electrification Projects, Mambilla Hydro Power Project, Zungeru Hydro Power Project, among others, were key power projects under the 2021 Budget.
President Buhari states that N420 Billion has been earmarked for the Social Investment Programmes, while 20 Billion has been earmarked for the Social Housing Programmes.
The 2021 budget estimates also have statutory transfers of N484.49 billion:
•NNPC = 29.7bn
•NJC = N110bn
•UBEC = N70.05bn
•INEC = N40bn
•NASS = N128bn
•PCC = N5.2bn
•NHRC = N3bn
•Basic Health = N35.03bn
The lawmakers also passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
