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Buhari proposes N12.66 trillion as 2021 budget

buhari proposes n12 66 trillion as 2021 budget



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President Muhammadu Buhari

*Pegs budget on 40 dollars per barrel Oil Benchmark

President Muhammadu Buhari has announced that the Nigerian Government’s aggregate expenditure for the 2021 financial year is N12.66 trillion

He also said that the 2021 budget would be based on an oil benchmark of $40 per barrel of crude oil.

President of the Senate, Ahmad Lawan on Tuesday read on the floor of the Senate, the 2021 – 2021 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Muhammadu Buhari.

According to the document, the N12.66 trillion include “GOEs’ expenditure of N1.35 trillion and grants/donor-funded programme amounting to N337.06 billion.

The 2021 expenditure estimates, according to the MTEF/FSP document, include the statutory transfer of N481.41 billion, non-debt recurrent expenditure of N5. 75 trillion, including N350 billion for the recurrent component of the Special Intervention Programme.

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Debt Service is estimated at N3.12 trillion while N220 billion is for Sinking Fund. Also the sum of N4.31 trillion is provided for personel and pension. N3.33 trillion is for capital expenditure.

Budget deficit is projected at N5.16 trillion to be funded by fresh loan of N4.28 trillion.

In the letter attached to the document, President Buhari said the presentation of the 2021-2023 MTEF/ FSP was to give the lawmakers enough time to perform its important constitutional duty of reviewing the framework.

The letter read in part: “It is with pleasure that I forward the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the kind consideration and approval of the Distinguished Senate.

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“Let me seize this opportunity to express my deep gratitude for the cooperation, support and commitment of the leadership and distinguished members of the Senate in our collective efforts to sustain the restoration of the January – December financial year.

“In line with our commitment, we have worked very hard to achieve and earlier submission of the MTEF/FSP. This is
to allow the National Assembly enough time to perform its important constitutional duty of reviewing the framework.

“I herewith forward the 2021 – 2023 MTEF/FSP as the 2021 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2021 – 2023 MTEF/FSP. I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”

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President Buhari expressed concern on the effect of the rampaging pandemic, Coronavirus on revenue target.
But the document revealed that the federal government was determined “to using innovative ways to raise revenues required for financing its expenditures and diversifying its revenue sources thereby increasing the Revenue to GDP ratio. The medium-term target for this remains 15 per cent. ”

It noted that “higher revenue collections will enable Government to effectively deliver public services, enhance infrastructure investment and mitigate the health and economic effects of the COVID-19 Pandemic.”



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7 Comments

7 Comments

  1. Opalu says:

    If you say that you need 12 Trillion in 2021 for instance and u will need 5 Trillion it means you only need 7 Trillion for 2021. The problem we have as a Nation is that those who cant manage their private family budget are tasked with managing the national budget! People should be elected based on their financial intelligence.

    By financial intelligence I mean how they can CREATE wealth for the nation. Wealth is not created when you tax your citizens. Wealth is not created when you borrow money. Wealth is created when you make money from outside the system. For instance instead of exporting 1 tuber of yam for N1,000 paying expenses of N800 on that tuber of yam, it’s better to process the Yam here into a small easily handled product that can create N10,000 per tuber.

    Same with every other product. Processing is what industrialized the nation and gives employment to your youths thereby reducing crime and idleness. Processing makes wealth to circulate because when salaries are paid, everyone benefits more people are happy and domestic violence reduces and it increases the GDP.

  2. Edward says:

    This Buhari and his team can never think of something to do to generate money except borrowing and over taxing the citizens.
    The most annoying part is that it will only be looted and shared among themselves.

  3. WillieFic says:

    APC never get tired of borrowing

    They should just sell the country and give us the change

    I’m so heart broken with the way Buhari is running this country
    … They’ve borrowed almost from all the countries of the world yet, nothing to show for it .

  4. George says:

    Borrow borrow government, they borrow and loot with impunity while their miscreant fans are dying of hunger.

  5. At this rate, we honestly need a minister of loans and borrowings, except the minister of finanace currently has that as a core function already.

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