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
- 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