Buhari proposes N12.66 trillion budget for 2021
President of the Senate, Ahmad Lawan on Tuesday read on the floor of the Senate, the 2020 – 2021 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Muhammadu Buhari.
The document forwarded to the Senate by President Muhammadu Buhari for approval proposed the sum of N12.66trillion as aggregate expenditure for 2021 on a deficit of N5.16 trillion to be financed by total loan packages of N4.28 trillion.
It further targeted N481.41billion as statutory transfers, N5.75trillion as recurrent expenditure, N3.33trillion for capital expenditure and N3.12 trillion for debt servicing.
The document equally projected $40 as oil price benchmark, 1.86million barrels as oil production per day, N360 to US dollar as the exchange rate.
In the letter attached to the document, President Buhari said the presentation of the 2021-2023 MTEF/ FSP was to give the lawmakers enough time to perform its important constitutional duty of reviewing the framework.
The letter read in part: “It is with pleasure that I forward the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the kind consideration and approval of the Distinguished Senate.
“Let me seize this opportunity to express my deep gratitude for the cooperation, support and commitment of the leadership and distinguished members of the Senate in our collective efforts to sustain the restoration of the January – December financial year. Buhari proposes N12.66 trillion budget for 2021