President Muhammadu Buhari will lay the 2021 Appropriation Bill to the Joint Session of the National Assembly on Thursday, October 8. President of the Senate, Dr. Ahmad Lawan, disclosed this while reading the letter from President Buhari, stating his intention to present the budget to the joint session of the National Assembly.
Buhari, in the letter read at yesterday’s plenary, said: “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.” The Federal Executive Council (FEC) had, last week, approved a N13.08 trillion appropriation proposal for the 2021 fiscal year.
The government projected to collect the total sum of N7.89 trillion as revenue while it pegged the total deficit for the 2021 fiscal year at N4.489 trillion. In the budget assumptions; benchmark for crude price was put as $40 per barrel while the daily crude production was pegged at 1.86 million barrels per day.
The exchange rate was projected at N379 per dollar as the government projected 3% GDP growth and 11.95% inflation rate for the 2021 fiscal year. Meanwhile, the Senate will, today, consider and approve the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).