Breakdown of Nigeria’s 2021 National Budget of $34 Billion

Breakdown of Nigeria’s 2021 National Budget of $34 Billion

Nigeria’s president, Muhammadu Buhari, has presented the 2021 national budget estimate to the National Assembly. The proposed expenditure is N13.08 trillion (about $34 billion). The price of crude oil is pegged at $40 per barrel with a daily production estimate of 1.86 million barrels. Recurrent expenditure is N5.65 trillion; personnel cost is N3.76 trillion, and debt service is N3.12 trillion. If you run the math, about 25% of the budget goes to service debts!

Selected ministries and allocations:

  • Ministry of Defence –  N840.56 billion
  • Ministry of Interior –  N227.02 billion
  • Ministry of Police Affairs –  N441.39 billion 
  • Ministry of education – N545.10
  • Ministry of health- N380.21 billion

Special Allocations

  • North East Development Commission – N29.7 billion
  • Nigerian Judicial Council – N110 billion
  • Universal Basic Education Commission – N70.05 billion 
  • INEC – N40 billion
  • Public Complaints Commission – N5.20 billion;
  • Human Rights Commission – N3.00 billion; 
  • Basic Health Care Provision Fund – N35.03 billion.

Key capital spending allocations:

  • a. Power – N198 billion 
  • b. Works and Housing – N404 billion.
  • c. Transportation – N256 billion.
  • d. Defence – N121 billion.
  • e. Agriculture and Rural Development – N110 billion.
  • f. Water Resources – N153 billion.
  • g. Industry, Trade and Investment – N51 billion.
  • h. Education – N127 billion.
  • i. Universal Basic Education Commission – N70 billion.
  • j. Health – N132 billion.
  • k. Zonal Intervention Projects – N100 billion.
  • l. Niger Delta Development Commission – N64 billion.

The National Assembly will later work on the finance bill when ready, and will harmonize for passage. The president will now sign into law. 

Data from Premium Times

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18 thoughts on “Breakdown of Nigeria’s 2021 National Budget of $34 Billion

  1. We seem to be great at putting ourselves in a tough position from the beginning, the crude oil they put at 40 dollars and 1.86 million barrels, are we hitting these numbers right now? This is how you start recording deficits from day one. 35 dollars benchmark would have been more reasonable, to give you some breathing space.

    The Defence always gets the fattest cheque, and before you talk, they remind you of ‘security’, yet our soldiers are being wasted almost everyday, we only know how to write and read Defence budget, but don’t know how to secure the land and make the inhabitants feel safe, across board.

    Police Affairs got a large chunk, I don’t know how many entities they service within them, but the policemen we know and see don’t look like they should be mentioned alongside this sort of numbers, they haven’t stopped extorting and harassing their compatriots.

    Will our revenue hit N6 trillion next year? Else the debt servicing could be hitting N4 trillion by 2022. We are approaching when almost all our revenue will go into debt servicing, quite scary.

    We have been submitting and passing this kind of budget for decades, but the lamentations in the land haven’t been on the decrease over those periods.

    We keep going.

    Reply
  2. What about the source of funding, it wasn’t mentioned. Are we borrowing to service old debt and incure further debt?

    The military are now establishing different institutes of learning and creating employment etc it’s good but don’t we think they need to focus more on security and liase with NDA if need be, they shouldn’t divert money meant for security into establishing institute of technology everywhere.

    How much was budgeted for the national assembly, I didn’t see that ….

    Reply
    1. If we sum up this monies we can build at least 2 refineries on emergency and from there get enough gas for Electricity generation, bitumen and coal tar for road and bridges construction…we have over 6,000 byproducts from crude oil, increase agro capacity… All these are targeted to increase our IGR…Mmmm! We don’t have creative thinking leaders.

      Reply
      1. Yes! Only you can think nah! We stop paying all salaries for all people and stop everything else in the country because you want to build 2 refineries in a single year! MEanwhile Dangote who has all the money ready has not finished building his own after three years of starting. Bumb proposition, if there ever was one. It is YOU that is not a creative thinker, if you are a thinker at all.

        Reply
        1. And you think Dangote is the only one funding the building of his refinery. Most of the politicians are just hiding under his umbrella. Just ask yourself how an individual is about to own refinery yet Nigeria as a nation can’t boast of one, they keep on exporting our crude oil because that’s the only way they can keep on embezzling our money.

          Reply
    1. You think PDP will do better with the current political setup in the land? Then you must be deceiving yourself! Two sides of the same coin they are.

      Reply

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