Gbenro Adesina
President Muhammadu Buhari on Thursday October 8, 2020, presented the proposed 2021 budget of N13trillion to the National Assembly.
The 2021 budget is themed ‘Economic Recovery and Resilience’, with the aim of promoting economic diversification and social inclusion.
The budget is based on benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels.
According to the budget, recurrent expenditure is N5.65 trillion, while personnel cost and debt service stand at N3.76 trillion and N3.12 trillion respectively.
The Federal Government put the statutory transfer at N484.4 billion, while Pension, Gratuities & Retirees Benefits was put at N501.19 billion and Overhead cost at N625.50 billion.
While a projected inflation rate of 11.95 per cent and GDP growth rate of 3.00 per cent was considered, the president budgeted N128 billion for the National Assembly and N63.5 billion for the Niger Delta Development Commission.
