President Muhammadu Buhari has presented the proposed 2021 Budget of N13 trillion to the National Assembly.
The budget which is tagged “Budget of Economic Recovery and Resilience” according to the President will address key economic issues as the country tries to recover from the impact of the coronavirus and the oil price drop.
President Buhari stated that the government is determined to accelerate the country’s economic recovery process, while decrying the revenue generation challenges.
Unlike other budget presentations done in previous years, the President was only accompanied by Vice President Yemi Osinbajo and a few ministers, while the others joined virtually.
The Senate President, Ahmed Lawan noted that the new arrangement was compulsory with the aim of maintaining social distancing during the presentation, as a result of the COVID-19.
Prior to the presentation of the proposed budget, the President gave a breakdown of the performance of the 2020 budget.
- The 2021 budget is the roadmap for post-coronavirus economy.
- It is aimed at accelerating the economic recovery process.
- The 2021 budget is themed ‘Economic Recovery and Resilience’ – with the aim of promoting economic diversification and social inclusion.
- Crude oil projected at $40bpd, exchange rate at N379 to $1, GDP at three per cent and inflation rate at 11.95 per cent.
- I have directed the Minister of Finance to finalise the Finance Bill and transmit for consideration and passage.
- National Assembly gets N128 billion in 2021 budget as proposed by President Buhari.
- Any government agency that carries out recruitment without authorisation will be sanctioned, Buhari says.
- 21b has been allocated to the health ministry.
- He said all federal staff must be on the IPPIS platform before getting their salaries. He also warned MDAs to seek approval before conducting recruitments, failure to do so according to the president would be met with sanctions.
- 8 trillion has been allocated to all MDAs for execution of capital projects.
- He said the capital budget is focused more on completing ongoing projects than execution of new ones.
- The education ministry budget has been increased by 65 per cent to improve quality of education of students, the president said.
- N65 billion has been retained in the 2021 budget for the Presidential Amnesty Programme, the president said.
- The ongoing IPPIS verification exercise has helped in eliminating ghost workers – President Buhari
- N420 billion has been provided to sustain the Social Investment Programme.
- President Buhari said he has directed all ministers and heads of agencies to be personally available for budget defence organised by NASS.