President Muhammadu Buhari, has officially presented the 2021 budget estimates to a joint session of the National Assembly.
The proposed expenditure is put at N13.08 trillion, with a Crude Oil benchmark price of $40 per barrel.
The budget contains 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 and Retirees Benefits was put at N500.19 billion.
A projected inflation rate of 11.95 percent and GDP growth rate of 3.00 percent were considered.
The President budgeted N128 billion for the National Assembly, and N63.5 billion for the Niger Delta Development Commission, NDDC.
Other allocations include N29.7 billion for the North-East Development Commission, NEDC, N110 billion for the Nigerian Judicial Council, NJC, N70.05 billion for UBEC, and N40 billion for the Independent National Electoral Commission, INEC.
President Buhari said that the 2021 budget is titled: ‘Economic Recovery and Resilience’, with the aim of promoting economic diversity and enhancing social inclusion.
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