Pic.9. President Muhammadu Buhari presenting the Draft 2021 Appropriation Bill before the joint session of the National Assembly in Abuja on Thursday (8/10/2020)
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President Muhammadu Buhari has arrived at the national assembly to present the 2021 budget estimates to a joint session.
The event is taking place in the house of representatives chamber.
The development is coming days after Senate President Ahmad Lawan and Femi Gbajabiamila, speaker of the house of representatives, announced that the president would present the budget.
The federal executive council (FEC) had approved a sum of N13.09 trillion for the 2021 fiscal year.
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Last week, Zainab Ahmed, minister of finance, while speaking with journalists, said the budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
Ahmed said capital expenditure in the budget is estimated at N2.083 trillion which represents 29 percent of the total budget.
The budget targets 3 percent GDP growth and 11.95 percent inflation rate.
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The senate approved the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) on Wednesday.
The 2021 budget estimates are premised on the assumptions contained in the document.
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