Posted on Dec 30, 2020
BARRING the unforeseen, President Muhammadu Buhari will today sign the N13.588 trillion 2021 Appropriation Bill into law.
This is to enable the budget implementation kick off in January next year.
Though the 2020 budget was passed and signed into law on time, the Coronavirus pandemic scuttled its scheduled implementation in line with the January – December Budget Cycle.
The National Assembly passed the bill of N13.588 trillion ($35 billion) at a joint session last week. It was N505 billion higher than the N13.082 trillion estimate presented for consideration by the President in October.
Next year’s budget was prepared to address the damage done to the economy by the Coronavirus pandemic.
Its assumptions are $40 per barrel; oil production at 1.86 million barrels daily oil production; exchange rate of N379/$ and a projected growth rate of three per cent.