President Muhammadu Buhari on Thursday in Abuja signed the 2021 appropriation bill of N13,588,027,886,175 into law.
The president’s action followed earlier approval of the bill by the National Assembly on December 21 during an emergency session called for the purpose of passing the budget.
The signing of the budget is also in line with the president’s promise to return the nation to the budget circle from January to December.
The budget estimate was increased by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint session of the National Assembly by President Buhari on October 8, 2020.
The signed budget includes a total Capital Supplement of N1,060,751,051,650.
The legal transfer amounts to N496,528,471,273; Recurring expenditure of N5,641,970,060,680 and growth rate of Gross Domestic Product (GDP) of 3.00 percent.
– Nigeria Presidency (@NGRPresident) December 31, 2020
It also provides N3,324,380,000 trillion for debt service, while N5,641,970,060,680 is for recurring expenses; and N4,125,149,354,222 for Capital Expenditures.
The president also enacted the Finance Act of 2020.
Among those who witnessed the signing of the budget are the Vice President, Yemi Osinbajo, the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila.
Others in the Council Chamber were the Secretary of the Federation Government, Boss Mustapha, some cabinet ministers and some senior government officials (NAN).