President Muhammadu Buhari on Thursday presented the 2021 budget proposal of N13.08trillion to the National Assembly for consideration and passage into law.
Buhari was accompanied by Vice President Yemi Osinbajo, some cabinet members and presidential aides.
Below are five things to note about his presentation:
1. Total aggregate revenue projected for the 2021 budget is N7.86 trillion with a deficit of N5.2 trillion, representing 3.4 per cent of the GDP.
2. The deficit will be financed mainly by new borrowing, totalling N4.28trillion.
3. Total revenue available to fund the 2021 federal budget is estimated to N7.886 trillion which includes grants and aids of N354.85billion as well as revenues of 60 government-owned enterprises.
4. The budget described as budget for economic recovery and resilience is based on an estimated oil price benchmark of $40 per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar.
5. Oil revenue is projected at N2.01 trillion and non-oil revenue is estimated at N1.49 trillion.
Buhari stated that N3.12trillion had been earmarked for debt servicing in 2021 as against N2.1trillion in 2020.
