President Muhammadu Buhari will present the 2021 appropriation bill to the joint sitting of the National Assembly on Thursday, a letter from the president to the parliament has stated.
President Buhari’s letter of request was read during plenary to his colleagues by the President of the Senate, Ahmad Lawan, in Abuja.
“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 president letter stated.
The federal cabinet had at their weekly meeting last week approved the sum of N13.08 trillion as estimated fiscal spending for 2021.
The budget would be based on $40 per barrel of oil with production output estimated at 1.86 million barrel per day and an exchange rate of N379 to the dollar.
The N13.08 trillion estimate for 2021 was higher than the N12.66 trillion initially proposed in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper approved by the Federal Executive Council (FEC) in July.
Analysts said the disparity between the proposal in the MTEF and the latest approval could be due to the devaluation of the naira, which will translate to more naira receipts on oil revenue as a result of the exchange rate gain.