President Muhammadu Buhari has announced that the Nigerian Governments aggregate expenditure for the 2021 financial year is N12.66 trillion.
He also said the 2021 budget would be based on an oil benchmark of $40 per barrel of crude oil.
President of the Senate, Ahmad Lawan on Tuesday read on the floor of the Senate, the 2021 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Muhammadu Buhari.
The 2021 expenditure estimates, according to the MTEF/FSP document, include the statutory transfer of N481.41 billion, non-debt recurrent expenditure of N5. 75 trillion, including N350 billion for the recurrent component of the Special Intervention Programme.
Debt Service is estimated at N3.12 trillion while N220 billion is for Sinking Fund. Also the sum of N4.31 trillion is provided for personnel and pension. N3.33 trillion is for capital expenditure.
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.
President Buhari expressed concern on the effect of the rampaging pandemic on revenue target.