- Says budget ‘ll accelerate economic recovery
- Urges revenue-generating agencies to meet target
President Muhammadu Buhari yesterday signed the 2021 Appropriation Bill of N13, 588, 027,886,175 trillion as well as the 2021 Finance Bill into law, which has now become an Act.
The President, at the ceremony that took place at the Council Chamber, Presidential Villa,in Abuja, affirmed that the 2021 Budget was critical to the delivery of his administration’s legacy projects.
The Appropriation Act is comprised of Total Capital Supplementation of N1,060,751,051,650 and total Capital Expenditure of N4,125,149,354,222; Statutory Transfer stands at N496,528,471,273; Recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product, (GDP) growth rate of 3.00 percent.
The National Assembly, which provided the sum of N3,324,380,000 trillion for debt servicing, increased the budget estimate by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by the president on October 8, 2020.
The President hinted that he will soon send a borrowing plan to the National Assembly.
Recall that the National Assembly had on December 21, 2020, passed the 2021 Appropriation Bill with an aggregate expenditure of N13, 588, 027,886, 175 trillion.
Speaking shortly after appending his signature to the documents, President Buhari directed relevant agencies to ensure the realization of the nation’s crude oil production and export targets, warning heads of defaulting agencies that they will be severely sanctioned where they come short.
On the plan to send a borrowing plan to the National Assembly, President Buhari said a specific borrowing plan will be forwarded to the National Assembly shortly.
The signing of the Budget is also in line with the President’s promise to return the nation to the January to December Budget circle.
Those who witnessed the ceremony include the Vice-President, Yemi Osinbajo, Senate President, Ahmad Lawan and the House Speaker, Femi Gbajabiamila, Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers as well as a few top government officials.
