President Muhammadu Buhari will on Thursday present the 2021 budget at a joint sitting of the National Assembly by 11 AM.
Senate President Ahmed Lawan made the announcement on Tuesday as he read a letter from President Buhari requesting the audience of lawmakers in both red and green chambers for the budget presentation.
The letter read: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 11:00hrs on Thursday, 8th October 2020, to formally present the 2021 Appropriation bill to the Joint Session of the National Assembly.
“While I look forward to addressing the Joint session, please accept Mr. Senate President, the assurances of my highest regard.”
What you should know ahead of the presentation
According to findings by The Heritage Times…
1. 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%.
2. The President is 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.
3. The Federal Government is also targeting the inflation rate at 11.96 per cent.
4. Upon the presentation of the budget, the upper chambers will provide a one month window for Budget Defense by Ministries, Departments and Agencies.
5. In addition, the months of November and December will be dedicated to the internal processing of the Budget by NASS.
6. The budget presentation will be COVID-19 compliant.
7. The President’s entourage will comprise mainly of governorship officials.
