Nigeria’s President, Muhammadu Buhari, on Thursday, signed the 2021 budget and the finance bill into law at the Council Chambers of the State House in Abuja.
This comes ten days after both chambers of the National Assembly passed the N13.5trn budget and three days after it was transmitted to the President for assent.
President Buhari presented the proposed 2021 budget to the National Assembly on October 8.
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.
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.
The budget estimate was increased 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 President Buhari on Oct. 8, 2020.
The signed budget comprises total Capital Supplementation of N1,060,751,051,650.
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 Per cent.
It also provides N3,324,380,000 trillion for debt servicing while N5,641,970,060,680 is for Recurrent Expenditure; and N4,125,149,354,222 for Capital Expenditure.
The president also signed the 2020 Finance Bill into law. Those who witnessed the signing of the budget include the Vice-President, Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
Others at the Council Chamber were the Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers as well as few top government officials.
