President Buhari presents 22021 Budget Proposal To NASS

President Muhammadu Buhari has Presented the 2021 budget proposal to a joint session of the National Assembly.

The budget estimates of N13.08 trillion tagged the budget of economic recovery is predicated on the exchange rate of N379/$ , Gross domestic product at 3 percent and inflation at 11.5 percent .

In his presentation president Buhari said despite the challenges occasioned by the COVID-19 pandemic, the country has been able to fulfil it’s debt servicing obligation. He said all ministries departments and agencies have received 50 percent of their capital expenditure from the 202 budget while giving the assurance that the 2020 budget will be fully implemented before the end of 2020.

On the 2021 budget estimates the president said the total revenue available to fund the budget is N7. 086 trillion inclusive of grants of N354 billion, oil revenue of N2.01 trillion while non oil revenue is N1.49 trillion .

He enjoined the national assembly to pay more attention to the revenue generation of all MDAs than their expenditure.

In his welcome address earlier the president of the Senate Ahamd Lawan said there is need for the country to drastically reduce borrowing

The speaker of the house Femi Gbajabiamila however warned heads of parastatals to desist from coming to defend their budget with security aides

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