By Chris Udochukwu
Abuja (Precise Post) – President Muhammadu Buhari Thursday presented N13.08trilion 2021 budget estimate to a joint session of the National Assembly.
The major sectors that received major allocations are as follows: Transport – N256billion; Power – N198billion; Works and Housing – N74billion; Defence – N121billion; Education – N127billon; Agriculture – N110billon; and Water – N153billion.
The President said the government has ensured equitable spread of projects across the country.
The proposed expenditure is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel.
The budget contains recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and Debt Service of N3.12 trillion.
Statutory transfers has been put at N484.4 billion while Pension, Gratuities & Retirees Benefits was put at N500.19 billion.
A projected inflation rate of 11.95 per cent and GDP growth rate of 3.00 per cent was considered.
The president budgeted N128 billion for the National Assembly and N63.5 billion for the Niger Delta Development Commission.
Other allocations include N29.7 billion for the North East Development Commission, N110 billion for the Nigerian Judicial Council, N70.05 billion for UBEC and N40 billion for the electoral umpire, INEC.
Mr Buhari said the 2021 budget is titled ‘Economic Recovery and Resilience’ with the aim of promoting economic diversity and enhancing social inclusion.
The President who said the government has ensured equitable distribution of projects across the country thanked Nigerians for their perseverance in the face of economic hardship occasioned by COVID-19 pandemic, adding that revenue generation has remained the greatest challenge.
He expressed optimism that the second Niger big which is 40% completed will be commissioned before the end of his administration in 2023.
President Muhammadu Buhari reiterated that deregulation of oil price, IPPIS verifaction and increase in electricity tariff will free funds for spending in other important sectors of the economy.
