President Muhammadu Buhari will, on Thursday, present the 2021 budget estimate at a joint session of both chambers of the National Assembly.
According to Ezrel Tabiowo, Special Assistant (Press) to President of the Senate, Ahmad Lawan, the announcement was made following receipt of a letter from the President which was read during plenary by the Senate President on Tuesday.
The letter reads: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 11:00hrs on Thursday, 8th October, 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 regard.”
The Federal Executive Council (FEC) had, on September 30, approved N13.08 trillion as budget proposal for 2021.
The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, announced this while briefing State House reporters on the outcome of the FEC meeting held at the Council Chamber of the Presidential Villa, Abuja.
The minister said the Capital Expenditure for the year is projected at N2.083 trillion, while oil benchmark is put as $40 per barrel.
Other indices projected for the 2021 Budget include: oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar
It also has total aggregate expenditure of 29% Capex with a deficit of N4.48 trillion.
The minister said the proposal is to enable a more inclusive growth and create jobs.
The expenditure ceiling for the Presidency in the 2021 pre-bilateral proposal has been trimmed by N5.3 billion, with a peg at N10bn.
It was contained in a budget circular by the Ministry of Finance, Budget and National Planning.
The amount was N15.3bn in the revised 2020 budget appropriation.
The Permanent Secretary, State House, Mr Tijjani Umar, revealed this in a statement issued on Sunday 13 September, 2020 by Attah Esa, Deputy Director (Information), in the Presidency.
Mr Umar, who cited the September 1, 2020 circular, said ministries, departments, and agencies (MDAs) had been directed to work assiduously to conclude the budget bilateral meetings to get the 2021 budget ready for transmission to the National Assembly (NASS) by President Muhammadu Buhari this month.
Federal government agencies in the Presidency have held consultations for the 2021 budget.