Nigeria: Budget 2021 Breakdown – What President Buhari Proposes All Groups

The National Assembly has been presented with the 2021 budget estimate by President Muhammadu Buhari. The presentation took place during a joint session of the two chambers.

Upheld by the Medium Term Expenditure Framework (MTEF) which the Senate and House of Representatives had approved, the estimated budget for 2021 is N13.08 trillion.

The crude oil benchmark price is staged at $40 per barrel, the exchange rate at N379 to $1, GDP at 3.00 per cent and the inflation rate at 11.95 per cent.

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The president proposed that daily oil production estimate (condensates of 300,000 to 400,000 barrels per day included) would be at 1.86 million barrels.

President Buhari 2021 Budget Breakdown

The occasion opened with a speech from the president where he designated the 2021 budget ‘Economic Recovery and Resilience’. This is a means to promote economic diversity and enhance social inclusion.

More so, the 2021 budget will accelerate economic recovery by charting a direction in the post-coronavirus economy.

President Buhari is proposing the following in the 2021 budget:

• Personnel cost, N3.76 trillion
• Debt service, N3.12 trillion

• Recurrent expenditure, N5.65 trillion
• Statutory transfers, N484.4 billion

• Pension, Gratuities & Retirees Benefits, N500.19 billion
• Health ministry, N380.21 billion

• Ministries Department and Agencies for N3.8 trillion covering the cost for capital projects execution.
• Ministry of Defence, N840.56 billion

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• National Assembly, N128 billion
• Nigerian Judicial Council, N110 billion

• Universal Basic Education Commission, UBEC N70.05 billion
• Independent National Electoral Commission INEC, N40 billion

NEDC and NDDC

N29.7 billion for the North East Development Commission

N63.5 billion for the Niger Delta Development Commission

• The ministries of education, N545.10 billion
• Presidential Amnesty Programme, N65 billion

• Social Investment Programme, N420 billion
• Ministry of Interior, N227.02 billion

• Ministry of Police Affairs, N441.39 billion
• Public Complaints Commission, N5.20 billion

• Human Rights Commission, N3.00 billion
• Basic Health Care Provision Fund, N35.03 billion

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