By Valentine Amanze, Online Editor
Nigeria’s President Muhammadu Buhari has notified the National Assembly that he would be presenting the 2021 budget at a joint sitting on Thursday, October 8, 2020, by 11am.
The Senate President, Ahmed Lawan, on Tuesday, confirmed the receipt of the letter at the resumption of plenary.
He said that President Buhari requested the audience of lawmakers in both chambers for the presentation of the budget.
The Senate is expected to consider and pass the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) before President Buhari submits the 2021 budget.
The Federal Executive Council had last Wednesday after its weekly meeting estimated the budget to be N13.08trn for the 2021 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, had disclosed this at the Presidential Villa.
The breakdown of the proposed budget is N13.08 trillion total aggregate; expenditure (29% Capex), with a deficit of N4.48 trillion; FX: N379/$; and GDP growth targeted at 3%.
She further disclosed that the President was expected to present the budget to the National Assembly with a deficit of N4.48 trillion, while the oil production rate is pegged at 1.86 million barrel per day with the oil benchmark standing at $40 per barrel.