President Buhari has written to the National Assembly informing lawmakers that he will be presenting the 2021 budget at a joint sitting on Thursday, October 8, 2020, by 11 am.
In a letter read by Senate President Ahmed Lawan on Tuesday at the resumption of plenary, President Buhari is requesting the audience of lawmakers in both chambers for the presentation of the budget.
The Senate is expected to consider and pass the 2021-2023 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper FSP before President Buhari submits the 2021 budget.
The Federal Executive Council had last Wednesday after its weekly meeting estimated the budget to be N13.08trn for the 2021 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to journalists at the Presidential Villa.
The breakdown of the proposed budget is N13.08 trillion total aggregate; expenditure (29% Capex), with a deficit of N4.48 trillion; FX: N379/$; and GDP growth targeted at 3%.
She further disclosed that the President was expected to present the budget to the National Assembly with a deficit of N4.48 trillion, while the oil production rate is pegged at 1.86 million barrel per day with the oil benchmark standing at $40 per barrel.
The Federal Government is also targeting the inflation rate at 11.96 per cent.