President Muhammadu Buhari has presented the N13.08trillion budget estimates for the 2021 fiscal year to the joint session of the National Assembly for consideration and approval.

The budget estimate is N2.28 trillion higher than the 2020 revised budget of N10.805 trillion.

The budget has a total aggregate revenue projection of N7.89 trillion with a deficit of N4.48 trillion.

The budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.

Inflation growth rate was projected at 11.95 percent; while Gross Domestic Product (GDP) growth rate was fixed at 3 percent.

The total capital expenditure projected in the budget is N3.58 trillion, representing 29% of the aggregate expenditure. This is an improvement over the 24 percent projected in budget 2020.

The budget breakdown shows that N5.66 trillion is for recurrent (Non-Debt) expenditure; N3.05 trillion for Personnel Costs; N350 billion for Special Intervention (Recurrent); and N20 billion for Special Intervention (Capital).

Sectoral Allocations

Ministry of Defence N121 billion

Ministry of Defence N110 billion

Ministry of Water Resources N146 billion

Ministry of Education N127 billion

UBEC N70 billion
Ministry of Health N132 billion

Zonal Intervention Projects (ZIP) N100 billion
Niger Delta Development Commission (NDDC) N64 billion.