President Muhammadu Buhari today, October 8, presented a budget of N13.08trillion to the National Assembly for approval for the 2021 fiscal year.
The budget tagged: “Budget of economic recovery and resilience,” is based on an estimated oil price benchmark of 40dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar.
The president said that the total aggregate revenue projected for the 2021 budget was N7.86 trillion with a deficit of N5.2 trillion, representing 3.4 per cent of the GDP.
Adding that the deficit would be financed mainly by new borrowing, totalling N4.28trillion.
“Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion.
This includes Grants and Aid of N354.85 billion as well as the revenues of 60 government-owned Enterprises,” he said.
The president said the 2021 budget was the roadmap for post-coronavirus economy and was aimed at accelerating the economic recovery process.