Buhari signs 2021 federal budget into law

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The 2021 federal budget passed by the National Assembly has been signed into law by President Muhammadu Buhari.

President Buhari signed the Appropriation Bill of N13,588,027,886,175 into law in his office at the Aso Rock Villa on Thursday.

Ripples Nigeria had reported that the National Assembly passed the budget on December 21, 2020 at an emergency session conveyed for the passing of the financial document.

The National Assembly increased the budget estimate by the sum of N505,607,317,942 from the N13,082,420,568,233 presented to the joint sitting of National Assembly by President Buhari on Oct. 8, 2020.

The budget provides for capital N1,060,751,051,650 supplementation, Statutory Transfer of N496,528,471,273, recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product (GDP) growth rate of 3.00 Per cent.

It also provides N3,324,380,000 trillion for debt servicing while N4,125,149,354,222 is for Capital Expenditure.

The signing of the budget was witnessed by the Vice-President, Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.

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