The National Assembly on Monday approved the 2021 budget with an aggregate value of N13,588,027,886,175, during an emergency session convened for the purpose of passing the budget.
The figure represents N505,607,317,942 increase from the estimate of N13,082,420,568,233 presented to the joint sitting of National Assembly by President Muhammadu Buhari on October 8, 2020 and significantly higher than the N10.8 trillion revised 2020 budget.
Breakdown of the 2021 N13.588 trillion budget:
- N496,528,471,273 – Statutory Transfers (N422.775 billion in 2020 revised budget)
- N3,324,380,000,000 – Debt Service (N2.951 trillion in 2020 revised budget)
- N5,641,970,060,680 – Recurrent (Non-Debt) Expenditure (N4.938 trillion in 2020 revised budget)
- N4,125,149,354,222 – Capital Expenditure (N2.488 trillion in 2020 revised budget)
Basis of the 2021 Budget:
- Benchmark Price of Crude Oil pegged at $40USD Per Barrel;
- Crude Oil Production at 1.86mbpd;
- Exchange Rate at N379/US$;
- Gross Domestic Production (GDP) Growth Rate at 3.00 percent.
The Budget Deficit of N5,196,007,992,292 will be financed from the sale of assets and privatization combined with multilateral/ bilateral project- tied loans.
N24,090,340,416 was budgeted for the Presidency;
N127,850,984,984 for Ministry of Defence;
N7,994,280,245 for Ministry of Foreign Affairs;
N19,721,066,865 for Federal Ministry of Information and Culture;
N38,846,293,565 for Ministry of Interior;
N2,491,111,568 for Office of the Head of the Civil Service of the Federation;
N218,432,074 for Auditor General of the Federation;
N17,882,480,948 for Ministry of Police Affairs;
N17,664,285,343 for Ministry of Communication and Digital Economy;
N45,647,587,613 for the Office of the National Security Adviser.
N353,678,953 for Infrastructure Concessionary Regulatory Commission
N45,637,061,225 for the office of the Secretary to the Government of the Federation
N8,872,787,424 for Special Duties and Inter-Governmental Affairs
N211,077,457,584 for the Federal Ministry of Agriculture and Rural Development –;
N376,359,450,498 for the Federal Ministry of Finance, Budget and National Planning
N64,760,781,172 for the Federal Ministry of Industry, Trade and Investment;
N63,526,109,193 for the Federal Ministry of Labour and Employment
N107,061,118,360 for the Federal Ministry of Science and Technology
N209,736,113,910 for the Federal Ministry of Transport
N70,189,215,332 for the Federal Ministry of Aviation
N206,745,895,389 for the Federal Ministry of Power
N3,340,140,120 for the Ministry of Petroleum Resources;
N12,605,747,806 for the Ministry of Mines and Steel Development;
N399,694,565,222 for the Federal Ministry of Works and Housing;
N110,455,765 for the National Salaries and Wages Commission;
N261,170,602 for the Fiscal Responsibility Commission;
N159,745,000,315 for the Federal Ministry of Water Resources;
N5,097,558,027 for the Federal Ministry of Justice;
N1,363,636,403 for the Independent Corrupt Practices and Related Offences Commission;
N37,330,762,421 for the Federal Capital Territory Administration.
N22,024,592,197 was approved for the Ministry of Niger Delta Affairs;
N10,639,249,276 for the Federal Ministry of Youth and Sports Development;
N11,204,210,256 for Ministry of Women Affairs;
N156,172,307,765 for the Federal Ministry of Education;
N134,591,025,027 for Federal Ministry of Health;
N24,554,710,490 for Federal Ministry of Environment;
N4,839,951,093 for National Population Commission;
N75,768,539,782 for the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development.
By: Ifunanya Ikueze