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BREAKING: Buhari presents Nigeria’s N13 trillion 2021 budget to lawmakers

President Muhammadu Buhari has presented the 2021 budget to the National Assembly.

The budget has a proposed expenditure that is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel.

The budget includes a recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and Debt Service of N3.12 trillion.

Statutory transfers has been put at N484.4 billion while Pension, Gratuities & Retirees Benefits was put at N500.19 billion.

A projected inflation rate of 11.95 per cent and GDP growth rate of 3.00 per cent was put in place.

The president budgeted N128 billion for the National Assembly and N63.5 billion for the Niger Delta Development Commission.

Other allocations include N29.7 billion for the North East Development Commission, N110 billion for the Nigerian Judicial Council, N70.05 billion for UBEC and N40 billion for the electoral umpire, INEC.

Mr Buhari said the 2021 budget is titled “Economic Recovery and Resilience” with the aim of promoting economic diversity and enhancing social inclusion.

Details later…

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