President Muhammadu Buhari has signed the 2021 Appropriation Bill of N13,588,027,886,175 into law.
The president signed the 2021 budget into law on Thursday, December 31, in Abuja.
This is coming after the National Assembly passed the bill on December 21, during an emergency session convened for the purpose of passing the budget.
The signing of the budget at the end of the year is also in line with the president’s promise to return the nation to the January to December Budget circle.
The budget estimate was increased by the sum of N505,607,317,942 billion from the estimate of N13.082,420,568,233 trillion presented to the joint sitting of National Assembly by the President on October 8, 2020.
The budget includes a total of Capital Supplementation of N1,060,751,051,650, Statutory Transfer stands at N496,528,471,273; recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product (GDP) growth rate of 3.00 Per cent.
N3,324,380,000 trillion is budgeted for debt servicing while N5,641,970,060,680 is for Recurrent Expenditure; and N4,125,149,354,222 for Capital Expenditure.
President Muhammadu Buhari also signed the Finance Bill into law.
