President Muhammadu Buhari will on Thursday present the 2021 budget estimate of N13.08 trillion to a joint sitting of the National Assembly.
The President of the Senate, Ahmad Lawan, confirmed on Tuesday at the plenary of the upper chamber that President Buhari had requested Thursday, October 8 for the presentation of next year budget.
The president’s request is contained in a letter to the Senate President and Speaker of the House of Representatives, Femi Gbajabiamila.
The president’s letter reads: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 11:00hrs on Thursday, 8th October, 2020, to formally present the 2021 Appropriation bill to the Joint Session of the National Assembly.
“While I look forward to addressing the Joint session, please, accept Mr. Senate President, the assurances of my highest regard.”
The Federal Executive Council (FEC) had on September 30 approved N13.08 trillion budget estimate for 2021 fiscal year.
The proposed 2021 Budget is predicated on an exchange rate of N379/$, oil benchmark of $40 barrel per day, and oil production volume of 1.86 million per day, including 400,000 condensate.
The government also projected the Gross Domestic Product (GDP) to grow by three percent while targeting inflation rate of 11.95 percent.
Capital expenditure represents 29 per cent (N2.083 trillion) of the total budget, while the government projected a budget deficit of N4.48 trillion in 2021.
BELOW ARE DETAILS OF THE PROPOSED BUDGET:
Oil benchmark: $40 per barrel
Oil Production: 1.86m bpd (including 400,000 of condensate)
Exchange Rate: N379/$
GDP growth target: 3%
Inflation target: 11.95%
Budget Deficit: N4.48 trillion
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