President Buhari To Present Proposed 2021 Budget Of N13tn Today

Written by on October 8, 2020

President Muhammadu Buhari will be presenting the 2021 Budget to the National Assembly today.

The exercise is billed to hold at 11:00 am and is only expected to last for about an hour.

Senate President Ahmed Lawan announced this on Wednesday while giving conditions to guide the budget presentation.

He said because of the COVID-19, arrangements are being made to ensure social distancing in the House, and all participants are mandated to wear face masks.

The number of people attending will also be reduced compared to budget presentations done in previous years.

According to Lawan, only ‘key and relevant people’ will be allowed by the Senate to accompany President Buhari to the National Assembly and those of them that have little to do with the budget will join virtually.

The Federal Executive Council had last Wednesday after its weekly meeting estimated the budget to be N13.08trn for the 2021 fiscal year.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to journalists at the Presidential Villa.

The breakdown of the proposed budget is N13.08 trillion total aggregate; expenditure (29% Capex), with a deficit of N4.48 trillion; FX: N379/$; and GDP growth targeted at 3%.

Before President Buhari submits the proposed budget, the lawmakers are also expected to consider and pass the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).



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