Buhari signs 2021 N13.5trn budget

President Muhammadu Buhari on Thursday in Abuja signed the 2021 Appropriation Bill of N13,588,027,886,175 into law.

The president’s action followed the passing of the bill by the National Assembly on December 21 during an emergency session convened for the purpose of passing the budget.

The budget estimate was increased by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the National Assembly by Buhari on October 8, 2020.

The signed budget comprises total capital supplementation of N1,060,751,051,650; statutory transfer stands at N496,528,471,273; recurrent expenditure of N5,641,970,060,680 and gross domestic product (GDP) growth rate of 3 per cent.

It also provides N3,324,380,000 trillion for debt servicing while capital expenditure is N4,125,149,354,222.

The president also signed the 2020 Finance Bill into law.

Vice-President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives Femi Gbajabiamila witnessed the signing of the budget.

Others are the Secretary to the Government of the Federation Boss Mustapha, some cabinet ministers as well as few top government officials.

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