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Nigeria to present N12.66 trln 2021 budget to N/Assembly next week

By on September 29, 2020 0 78 Views

President Muhammadu Buhari is expected to present the 2021 fiscal policy to the National Assembly next week, Senate President Ahmad Lawan said on Tuesday as the country seeks to fasttrack budget presentation and implementations.

Lawan in his welcome address to the Senate after a two-month break said that he’s aware that President Muhammadu Buhari will lay the 2021 Appropriation Bill before the two chambers of the National Assembly next week.

Nigeria is proposing to spend N12.66 trillion in 2021 with based on projected $40/ barrel crude oil benchmark and oil production of 1.6 million barrels per day, according to the approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper by the federal cabinet in July.

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The president of the Senate said the budget proposal will be subjected to scrutiny by relevant committees of the upper legislative chamber from October to November during which heads of ministries, departments and agencies (MDAs) will be expected to defend their estimates.

He said the the Appropriation Bill is expected to be passed in the early week of December “so that it can be transmitted to the President for his assent before the end of 2020.”

The National Assembly passed the nation’s budget early in 2019 for the first time in many years, which enable the country to return its fiscal policy to January to December budget circle.

However, with the advent of the Coronavirus Pandemic and its attendant disruption in global supply chain, Nigeria had to revised its 2020 budget to reflect the reality of the time.

The country changed the mixed on borrowing as the advent of the pandemic means Nigeria cannot borrow from the international capital market as intended prior to the outbreak of covid-19.

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