383 views | Stanley Ugagbe | October 8, 2020
President Muhammadu Buhari today, presented the 2021 budget estimate to a joint session of the National Assembly.
According to the President, the budget, titled ‘Economic Recovery and Resilience’ is aimed at promoting economic diversity and enhancing social inclusion.
In the presentation which was monitored by The News Chronicle on Television, Buhari pegs the proposed expenditure 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.
Also, Statutory transfers have 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.
Remarkably, Buhari 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.