Adedapo Adesanya
By Adedapo Adesanya
President Muhammadu Buhari will on Thursday, October 8, 2020, present the 2021 Appropriation Bill to the joint session of the National Assembly (NASS) in Abuja.
The Senate President, Mr Ahmad Lawan, read the letter from Mr Buhari at the plenary session on Tuesday in Abuja, conveying his intention to present the budget to the parliament in two days’ time.
“May I crave the kind indulgence of the distinguish Senate to grant me the slot of 11 hours on Thursday, October 8, 2020 to formally present the 2021 Appropriation Bill to the joint session of the National Assembly.
“While I look forward to addressing the joint session, please accept, Mr Senate President, the assurances of my highest regards,” he said.
Last week, the House of Representatives approved the Medium Term Expenditure Framework (MTEF), the Fiscal Strategy Paper (FSP), and put the total government proposed 2021 expenditure at N13.08 trillion.
The House approved a total recurrent (non-debt) of N5.67 trillion, N3.58 trillion for personnel costs, N350 billion for special intervention recurrent and N20 billion for capital.
The low chamber of the parliament put the projected daily crude oil production at 1.86 million barrels per day and the benchmark oil price at $40 per barrel.
It projected N379 to a Dollar as exchange rate and GDP growth rate was put for 3 per cent while the inflation growth rate was put at 11.95 per cent.
The fiscal deficit was put at N5.20 trillion and new borrowings was N4.28 trillion (foreign and domestic)
The House of Representatives also approved N484.49 billion for statutory transfers, N3.12 trillion for debt service and N220 billion as Sinking Fund while N520.69 billion for pension, gratuities and retirees’ benefits.
