Updated Dec 21 2020: The Nigerian Senate has passed the appropriation bill of N13.588 trillion (about $35 billion), which is N505 billion higher than the proposed N13.082 trillion Buhari presented to the Senate in October for 2021 budget. The Senate disclosed here.
Oct 8, 2020
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
By Ndubuisi Ekekwe