President Muhammadu Buhari has on Thursday signed 2021 budget into law at the Council Chambers of the State House in Abuja.
It would be recalled that the N13.588 trillion budget for 2020 was passed by the National Assembly last week Monday before embarking on its holiday.
The National Assembly, while approving the proposal on December 21, raised the estimate of N13.082 trillion to N13.588 trillion.
This was an increase of N505 billion from the proposed figures presented by the Buhari administration.
Read Also: Senate Passes N13.588 Trillion Budget For 2021, Raises Spending By N505bn
The President on new year’s eve also signed the bill to sustain the January-December fiscal cycle.
The budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 millionbarrels per day (including 400,000 barrels of condensate) at $40 per barrel.
Capital expenditure in the budget is estimated at N2.083 trillion which represents 29 percent of the total budget. It targets three percent GDP growth and 11.95 percent inflation rate.
However, with the increase of the total budget size, the capital expenditure is now N4.125 trillion.
The sum of N3.324 trillion was earmarked for debt service and the sum of N5.641 trillion was voted for recurrent (non-debt expenditure).
The N13.588 trillion budget will run from January 1st to December 31st in 2021.
