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| President Muhammadu Buhari |
President Muhammadu Buhari on Wednesday, October 8, 2020, presented the 2021 budget to the tune of N13.08trillion to the National Assembly for approval.
The budget titled "Budget Of Economic Recovery And Resilience", is estimatedly based on oil price benchmark of $40 per barrel, daily oil production estimate of 1.86million barrels, and an exchange rate of N379 per dollar.
President Buhari said that the total aggregate revenue projected for the next year's (2021) budget was N7.86trillion with N5.2trillion deficit, this representing 3.4% of the GDP.
The President noted that the deficit would be financed mainly on new borrowing, totalling N4.28trillion.
President Buhari disclosed that the budget was the roadmap for the post-COVID-19 economy, which was aimed at speeding up the economy recovery process.
“Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion.
"This includes Grants and Aid of N354.85 billion as well as the revenues of 60 government-owned Enterprises," President Buhari said.
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