President, Muhammadu Buhari, today, 8 October, presented a N13 trillion draft appropriation bill, named “Budget of economic recovery and resilience,” to the joint arm of the National Assembly. It is for 2021.
The budget is based on benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels.
Below are details of the statutory transfers of N484.49 billion in the proposed budget:
- NNPC = 29.7bn
- NJC = N110bn
- UBEC = N70.05bn
- INEC = N40bn
- NASS = N128bn
- PCC = N5.2bn
- NHRC = N3bn
- Basic Health = N35.03bn
This budget is to see Nigeria out of the Covid-19 doldrums and that it is geared towards completing “as many ongoing projects as possible.”
Buhari said Multiple Rural Electrification Projects, Mambilla Hydro Power Project, Zungeru Hydro Power Project, among others, were, according to media reports, “key power projects under the 2021 Budget.”