By Haruna Gimba
Nigeria’s President Muhammadu Buhari has signed into law the N13.588tr 2021 budget Appropriation Act passed last week by the National Assembly, as well as the Finance Act, 2021.
President Buhari signed the two Acts at a brief at the Presidential Villa, Abuja on Thursday at a ceremony attended by Vice President Yemi Osinbajo, Senate President Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila of the House of Representatives, some Principal Officers of the National Assembly, the Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed among others.
Health Reporters had reported that the National Assembly had on December 21, 2020, passed the 2021 Appropriation Bill with an aggregate expenditure of N13, 588, 027,886, 175 trillion.
The budget comprises total Capital Supplementation of N1,060,751,051,650 and total Capital Expenditure of N4,125,149,354,222, Statutory Transfer stands at N496,528,471,273; recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product, GDP growth rate of 3.00 Percent.
The National Assembly also provided the sum of N3,324,380,000 trillion for debt servicing.
The lawmakers had increased the budget estimate by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by President Buhari on October 8, 2020.
