President Muhammadu Buhari has presented the 2021 budget estimate to a joint session of the National Assembly.
The first citizen who was accompanied by his Vice, Yemi Osinbajo, aides and some cabinet members arrived at the premises of the national assembly at about 11.03 p.m.
Presenting the budget of N13.08 trillion which he described as a budget for Economic Recovery and Resilience, President Buhari explained that it was based on a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) as well as an exchange rate of N379 per dollar.
“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 who stated that oil revenue was projected at N2.01 trillion while non-oil revenue was estimated at N1.49 trillion, urged the lawmakers to pay close attention to budgetted revenues.
“As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation.
“Accordingly, I implore you to pay as much attention to the revenue side as you do to the expenditure side.”
He also stated that N3.12trillion had been earmarked for debt servicing in 2021 as against N2.1trillion in 2020.
Speaking on the performance of the 2020 budget President Buhari said it was amended to solve challenges occasioned by the incidence of COVID-19 pandemic.
“As at July 2020, the Federal Government’s actual revenue available for the budget was N2.10 trillion.
“This revenue performance was only 68 per cent of our pro-rated target in the revised 2020 budget.
“At N992.45 billion, oil revenue performed well above our budget target, by 168 per cent. Non-oil tax revenues totalled N692.83 billion, which was 73 per cent of the revised target, he said.’’