President Muammadu Buhari, GCFR, at the National Assembly, Abuja Photo: File

Buhari notifies NASS of decision to present N13.08trn Budget 2021 Thursday

*Federal Government targeting the country’s inflation rate at 11.96 percent

Isola Moses | ConsumerConnect

The Nigerian Presidency has written to the National Assembly (NASS) informing the Federal lawmakers that President Muammadu Buhari will be presenting the country’s N13.08trillion Budget 2021 to the Federal legislators at a joint sitting Thursday, October 8, 2020, by 11 a.m.

ConsumerConnect reports that Senate President Ahmed Lawan Tuesday, October 6, 2020, at the resumption of plenary, read a letter stating that President Buhari had requested the audience of lawmakers in both chambers for the presentation of the budget.

The Senate is expected to consider and pass the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper FSP before President Buhari submits the 2021 budget.

Recall that the Federal Executive Council (FEC), last Wednesday after its weekly meeting, estimated the budget to be N13.08trn for the 2021 fiscal year.

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, disclosed this to journalists at the Presidential Villa, in Abuja, FCT.

The breakdown of the proposed budget is N13.08 trillion total aggregate; expenditure (29% Capex), with a deficit of N4.48 trillion; FX: N379/$; and GDP growth targeted at 3%.

Mrs. Ahmed stated that the President is expected to present the budget to the National Assembly with a deficit of N4.48 trillion, while the oil production rate is pegged at 1.86 million barrel per day with the oil benchmark standing at $40 per barrel.

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