President Muhammadu Buhari has presented N13.08 trillion 2021 budget before a joint National Assembly on Thursday urging the legislators to ensure the January to December budget cycle.
The President also noted that crude oil is benchmarked at $40 and that Nigeria needs to do more to raise taxes and revenue.
Of the N13.08 trillion, N3.124 trillion was budgeted for debt servicing, Statutory Transfers of N484.49 billion and Sinking Fund of N220 billion (to retire certain maturing bonds).
The budget referred to as “Budget of Economic Recovery and Resilience” highlighted some of the problems with revenue and what the government must do recover.
The President said, “Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021.
“Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion.
“This includes Grants and Aid of N354.85 billion as well as the revenues of 60 Government-Owned Enterprises.
“Oil revenue is projected at N2.01 trillion. Non-oil revenue is estimated at N1.49 trillion. As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation.
“Accordingly, I implore you to pay as much attention to the revenue side as you do to the expenditure side,” he added.
Buhari arrived the National Assembly premised by exactly 11.01 am and was received by the Clerk to the National Assembly, Arc Ojo Olatunde Amos, who led him through the basement door into the House of Representatives Chambers.
This is the first time Buhari would enter the National Assembly through the basement door.
Security operatives took strategic positions to ensure a hitch free budget presentation.
Only a few officials, including the Minister of Finance, Secretary to the Government of the Federation Boss Mustapha; Chief of Staff, Amb. Ibrahim Gambari accompanied the President into the Chambers
