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President Buhari Signs 2021 Budget Into Law

by on December 31, 2020
 

By Seun Adeuyi

President Muhammadu Buhari has signed the 2021 Appropriation Bill into law.

The brief ceremony was done inside the President’s office at the Presidential Villa, on Thursday in Abuja

It would be recalled that, last Monday the National Assembly had passed the 2021 Appropriation Bill, raising the total estimates from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn.

The present administration has always wanted to restore the country’s budget to January to December cycle. This was achieved with the 2020 budget with the President signing the document into law on December 17, 2019.

This has been sustained with today’s ceremony.

On October 8, 2020, Buhari had laid the money bill before a joint session of the National Assembly.

Both the National Assembly had laid a harmonised report in the chambers as its held special sessions mainly to pass the national budget ahead of the Christmas and New Year break.

Out of the total sum of N13.59tn for 2021, N496.53bn is for statutory transfers; N5.64tn is for recurrent (non-debt) expenditure; N3.32tn is for debt service; while the sum of N4.13tn is for capital expenditure.

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