President Muhammadu Buhari has presented 2021 National budget to National Assembly increasing allocation for the National Assembly by N3 billion when compared to previous years.
The president allocated N128 billion – a rise on the N125 billion budgetary allocation in past years.
This was contained in the 2021 budget estimates presented to a joint session of the National Assembly.
The total proposed expenditure is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).
This also includes N1.35 trillion spending by government-owned enterprises, and grants and aid-funded expenditures of N354.85 billion.
In order to enhance national security and human capital development, a major part of the 2021 recurrent cost estimate is allocated to paying salaries and overheads in MDAs providing these critical public services.
The 2021 budget for the Ministry of Defence was put at N840.56 billion against N878.4 billion budgeted for 2020 with N121 billion earmarked for capital projects.
A total of N227.02 billion has been budgeted for the Ministry of Interior while N441.39 billion for the Ministry of Police Affairs.
The ministries of education and health get N545.10 and N380.21 billion respectively.
Other allocations include N29.7 billion for the North East Development Commission, N110 billion for the Nigerian Judicial Council, N70.05 billion for Universal Basic Education Commission, and N40 billion for the Independent National Electoral Commission.
Others are the Public Complaints Commission – N5.20 billion; Human Rights Commission – N3.00 billion; and Basic Health Care Provision Fund – N35.03 billion.
Key capital spending allocations in the 2021 budget include:
- Power – N198 billion (inclusive of N150 billion for the Power Sector Recovery Plan), b. Works and Housing – N404 billion, c. Transportation – N256 billion, d. Defence – N121 billion, e. Agriculture and Rural Development – N110 billion, f. Water Resources – N153 billion, g. Industry, Trade and Investment – N51 billion, h. Education – N127 billion, i. Universal Basic Education Commission – N70 billion, j. Health – N132 billion, k. Zonal Intervention Projects – N100 billion, l. Niger Delta Development Commission – N64 billion.
The lawmakers are expected to receive the finance bill which will contain details of the budget for consideration and passage.
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