Buhari signs 2021 budget of N13.6tn into law

President Muhammadu Buhari has signed the 2021 appropriation bill of N13,588,027,886,175 into law, the Presidency has said.

The Presidency said on its official Twitter handle that Buhari signed the document at the Presidential Villa in Abuja on Thursday.

This is coming 10 days after both chambers of the National Assembly passed the N13.6 trillion appropriation bill and three days after it was transmitted to the President for assent.

The implementation is expected to commence in January for 2021 fiscal year.

The lawmakers had approved N13.6 trillion (13,588,027,886,107) against the N13.08 trillion proposed by the President in October.

They had added N505 billion to the proposed budget.

A breakdown of the approved budget figures shows about N496.5 billion approved for statutory transfers and N3.3 trillion for debt services.

The recurrent expenditure was put at N5.6 trillion with capital expenditure at N4.1 trillion and fiscal deficit at N5.2 trillion (5,196,007,992,292).

It was also learnt that the President on Thursday signed the 2020 Finance Bill into law.

Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila, were said to have witnessed the signing of the budget.

Others at the event are the Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers as well as top government officials.