President Muhammadu Buhari will present the 2021 Appropriations Bill, being Nigeria’s 2021 Budget proposal before the National Assembly (NASS) on Thursday, 8th October, 2020.
TheNewsGuru.com (TNG) reports this is contained in an executive communication read by Senate President Ahmad Lawan on the floor of the Senate during the plenary session of Tuesday.
Recall the Federal Executive Council (FEC) had approved N13.08 trillion budget proposal for 2021 fiscal year, with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed revealing the budget estimate was made up of N2.083 trillion capital expenditure, which she described as 29 per cent of the total budget.
According to her, the budget proposal is predicated on N379/$ exchange rate, oil benchmark of $40 per barrel, oil production volume of 1.86 million barrels per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three per cent and 11.95 per cent inflation rate.
Meanwhile, Lawan had upon resumption of Senate plenary after a two-month annual vacation last Tuesday hinted that the 2021 Budget would be passed in the early week of December “so that it can be transmitted to the President for his assent before the end of 2020”.