President Muhammadu Buhari on Thursday presented a record 13 trillion-naira budget for 2021 to members of the National Assembly.
Details show the spending plan is about 21% rise from the revised 2020 spending plan of 10.8 trillion naira.
According to Buhari, the budget also assumes crude production of 1.86 million barrels a day and an oil price of $40 per barrel with the exchange rate at N379 to $1.
In the 2021 budget, the ministry of health gets N380.21b while N3.8 trillion has been allocated to all ministries departments and agencies for the execution of capital projects.
The National Assembly also gets N128 billion in the 2021 budget presented by Buhari.
Other key capital spending allocations in the 2021 budget include
a. 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.
