The Nigerian Senate passed the 2021 Budget containing an additional expenditure of NGN505billion (+3.84%) on 21 December 2020. President Buhari presented the 2021 Budget to the National Assembly in October 2020, and the amount for expenditure was NGN13.08 trillion. Revised total expenditure is NGN13.58 trillion, while the revenue remains unchanged at NGN7.886 trillion. Two main changes to the previous estimates include;
- NGN 4.1 trillion for capital expenditure (Old: 3.604 tr)
NGN0.496 trillion for statutory transfers (Old: 0.484 tr).
The upward review in the expenditure estimates led to an increase of 9.6% in the fiscal deficit to NGN5.695 trillion (Old: NGN 5.19 tr). Also, the House approved $40 as the crude oil benchmark for oil revenue. All hands are on deck to enable the President to sign the 2021 Budget into law within 30 days. The legislative body wants to stick to the budget cycle of January to December.
To download a one-paged breakdown of the 2021 Budget, click here.
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