By Adesuwa Tsan
Both chambers of the National Assembly on Monday adjourned plenary till 26th January, 2021 after passing the 2021 Appropriation Bill of N13, 588, 027,886, 175 Trillion.
President Muhammadu Buhari had presented an estimate of N13, 082, 420, 568,233 to a joint session of the National Assembly on October 8, 2020.
Below is a detailed breakdown of all you need to know about the Appropriation Bill which was approved with a N500bn increase by the Legislature and now awaiting President Muhammadu Buhari for consent.
What you need to know about 2021 Budget as passed by NASS:
- Increased with N505 billion.
- Benchmark Price of Crude Oil pegged at $40USD Per Barrel
- Crude Oil Production set at 1.86 million barrels per day
- Exchange Rate at N379/US$
- Gross Domestic Production (GDP) Growth Rate at 3.00 percent.
- Total Capital Supplementation N1,060,751,051,650
- Total Capital Expenditure of N4,125,149,354,222
- Gross Domestic Product, GDP growth rate of 3.00 Percent
- N3,324,380,000 trillion for Debt Servicing
- N496,528,471,273 is for Statutory Transfers
- N5,641,970,060,680 is for Recurrent Expenditure
- N4,125,149,354,222 for Capital Expenditure
- Budget Deficit of N5,196,007,992,292 to be financed from sale of assets and privatisation with projected estimate of N205, 153, 707, 813
- N709, 685, 716, 725 expected from multilateral/ bilateral project- tied loans.
Capital Expenditure
- The sum of N24,090,340,416 for Presidency
- N127,850,984,984 for Ministry of Defence
- N7,994,280,245 for Ministry of Foreign Affairs
- N19,721,066,865 for Federal Ministry of Information and Culture
- N38,846,293,565 for Ministry of Interior
- N2,491,111,568 for Office of the Head of the Civil Service of the Federation
- N218,432,074 for Auditor General of the Federation
- N17,882,480,948 for Ministry of Police Affairs
- N17,664,285,343 for Ministry of Communication and Digital Economy
- N45,647,587,613 for the Office of the National Security Adviser
- Infrastructure Concessionary Regulatory Commission N353,678,953
- Office of the Secretary to the Government of the Federation N45,637,061,225
- Special Duties and Inter-Governmental Affairs N8,872,787,424
- Federal Ministry of Agriculture and Rural Development N211,077,457,584
- Federal Ministry of Finance, Budget and National Planning N376,359,450,498
- Federal Ministry of Youth and Sports Development N10,639,249,276
- Federal Ministry of Women Affairs N11,204,210,256
- Federal Ministry of Education N156,172,307,765
- Federal Ministry of Health N134,591,025,027
- Federal Ministry of Environment N24,554,710,490
- Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development.N75,768,539,782
- Federal Ministry of Industry, Trade and Investment N64,760,781,172
- Federal Ministry of Labour and Employment N63,526,109,193
- Federal Ministry of Science and Technology N107,061,118,360
- Federal Ministry of Transport N209,736,113,910
- Federal Ministry of Aviation N70,189,215,332
- Federal Ministry of Power N206,745,895,389.
- Federal Ministry of Petroleum Resources N3,340,140,120
- Federal Ministry of Mines and Steel Development N12,605,747,806
- Federal Ministry of Works and Housing N399,694,565,222
- Federal Ministry of Water Resources N159,745,000,315
- Federal Ministry of Justice N5,097,558,027
- Federal Ministry of Niger Delta Affairs N22,024,592,197
- National Salaries and Wages Commission N110,455,765
- Fiscal Responsibility Commission N261,170,602
- Independent Corrupt Practices and Related Offences Commission N1,363,636,403
- National Population Commission N4,839,951,093
- Federal Capital Territory Administration N37,330,762,421.
- Security, Education, Works and Housing, Science and Tech. got highest allocations
- Budget to run concurrently with the 2020 budget which the National Assembly extended till March 31, 2021.
- National Assembly will not honour any request by the Presidency on extension of the implementation of 2021 Budget capital expenditure, according to the Senate President, Ahmad Lawan.
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