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Money Africa

8 Oct, 15 tweets, 2 min read

The 2021 budget estimate was recently presented by President Muhammadu Buhari to a joint session of the National Assembly

#2021NationalBudget

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The President listed his administration's achievements in Infrastructure Development and thanked Nigerians for their support and perseverance during this difficult times

President Buhari said he remains committed to lifting 100 million Nigerians out of poverty in the next 10 years

The 2021 budget was prepared amidst the economic hard times

GDP declined by 6.1% in Q2 2020 and GDP growth is projected to be on negative territory in Q4

Revenue Generation remains a major challenge

However success was recorded in Rice Farming through the Anchor Borrowers Programme

The Lagos-Ibadan Railway Line will soon begin operations, the Abuja-Kaduna rail is working well and the Itakpe-Ajaokuta rail line has been completed after 30 years of neglect

Now the Appropriation Bill

2021 budget is expected to promote economic diversification and ensure social inclusion

Hence, the 2021 Appropriation is tagged a budget of economic recovery and resilience

The Major part of 2021 Recurrent Expenditure is for salaries of Security MDAs

And Personnel costs remains the largest single item of expenditure. With Buhari's aim of eliminating ghost workers

National Assembly gets N128 billion in the 2021 proposed budget

Power 198bn.

Works 440bn

Transport 256bn

Defense 121bn

Agric 110bn

Water 153bn

Industry 51bn

Education 127bn

UBEC 70bn

Health 132bn

NDDC 64bn

N420BN has been provided to sustain SIP

Social register expanded to include 1 million Nigerians

The President hopes to complete the construction of the second Niger bridge before the end of his tenure in 2023.

It is currently about 46% complete

Crude oil was projected at $40bpd, exchange rate at N379 to $1, GDP at 3% and inflation rate at 11.95%.

The Minister of Finance was directed to finalise the Finance Bill and transmit for consideration and passage

N3.8 trillion was allocated to all MDAs for the execution of capital projects

Also, the capital budget is focused more on completing ongoing projects than the execution of new ones

The education ministry budget was increased by 65% to improve the quality of education of the students

N65 billion was retained in the 2021 budget for the Presidential Amnesty Programme

President Buhari directed all ministers and heads of agencies to be personally available for budget defence organised by NASS

He concludes his budget speech and formally presents the 2021 budget to the NASS.

#2021budget

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