President Buhari Signs Nigeria’s $36 Billion 2021 Budget Into Law

President Buhari Signs Nigeria’s $36 Billion 2021 Budget Into Law

The boss man signs the appropriation bill into law. Yes, President Buhari has signed the 2021 Nigerian budget of N13.588 trillion (about $36 billion) into law.  The budget estimate increased by N505.61 billion from the initial N13.082 billion presented to the National Assembly in October.

Now, let us execute it 100%. Still very low at N13.588 trillion but better than last year’s. Nigeria needs great companies for the promise of having great budgets. It has to happen because the promises of politicians are the taxes of companies (and citizens). 


  • Recurrent Expenditure – N5.64 trillion
  • Capital Expenditure – N4.125 trillion
  • Debt Servicing – N3.324 trillion
  • Statutory transfer – N496.528 billion

Read more here for the breakdown.

The parameters & fiscal assumptions underpinning the 2021 appropriation bill

  • Benchmark oil price of 40 US Dollars per barrel.
  • Daily oil production estimate of 1.86 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day).
  • Exchange rate of N379 per US Dollar.
  • GDP growth projected at 3.0%
  • Inflation closing at 11.95%

More analysis here.

Breakdown of Nigeria’s 2021 National Budget of $35 Billion


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