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Buhari signs N13.5trn Budget 2021, Finance Bill into law

President Muhammadu Buhari (centre); Vice-President Yemi Osinbajo (l) and Senate President Ahmed Lawan at the Signing of Budget 2021 into Law December 31, 2020, in Abuja, FCT Photo: State House

*Nigerian President Muhammadu Buhari says the 2021 ‘Budget of Economic Recovery and Resilience’ is critical for the legacy of this administration in ensuring security, economic growth, and implementing health and emergency measures to counter the spread of the COVID-19 pandemic

Isola Moses | ConsumerConnect

President Muhammadu Buhari has signed the Federal Budget 2021 and the Finance Bill into law at the Council Chambers of the State House, in Abuja, FCT.

The budget signed Thursday, December 31, 2020, came 10 days after both chambers of the National Assembly (NASS) had passed the N13.5trillion budget and three days after it was transmitted to the President for his assent.

The new budget is an increase of N505 billion from the proposed figures presented by the Buhari administration.

ConsumerConnect recalls President Buhari had presented the proposed Appropriation Bill 2021 to the National Assembly October 8.

The NASS, while approving the proposal December 21, raised the estimate of N13.082 trillion to N13.588 trillion.

The budget signing is to ensure a January to December budget calendar, according to authorities.

Budget 2021 tagged, the ‘Budget of Economic Recovery and Resilience’, according to Buhari, is critical for the legacy of this administration in ensuring security, economic growth, and implementing health and emergency measures to counter the spread of the COVID-19 pandemic.

He as well pledged that the budget would address the challenges the damaging Coronavirus pandemic has posed to the economy.

The President has warned heads of revenue-generating agencies to remit revenue generated early and threatened sanctions for defaulters henceforth.

On borrowing for the New Year budget, Buhari Thursday had announced that specific borrowing plans would be forwarded to the Federal legislature soon.

After the budget-signing ceremony in Abuja, Senate President Ahmad Lawan and Rt. Hon. Femi Gbajabiamila, Speaker of the House of Representatives, on the use of over N3 trillion to service debts in the budget, and loan requests from the President, rather urged Nigerians to focus on what the loans are used for, Channels TV report said.

The NASS leaders stated that borrowing is a natural option when revenue is low, and they assured Nigerians that the National Assembly would ensure all monies borrowed must be used for the capital projects for which they are meant.

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