President Muhammadu Buhari has presented a budget of N13 trillion for 2021 to members of the National Assembly.
The spending plan is about 21% rise from the revised 2020 spending plan of 10.8 trillion naira.
The budget is premised on crude production of 1.86 million barrels a day and an oil price of $40 per barrel with the exchange rate at N379 to $1, Buhari said.
The National Assembly gets N128 billion in the 2021 budget in the plan, while N380.21b was proposed for the health ministry. N3.8 trillion has been allocated to all ministries departments and agencies for the execution of capital projects.
Meanwhile, Buhari said revenue generation to fund annual budgets has been the greatest challenge of his administration.
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He said therefore that supervising ministers had been ordered to ensure strict monitoring of revenue-generating agencies under their supervision.
Buhari also admitted that the Federal Government was spending more on recurrent expenditure blaming this on non-existent personnel (ghost workers) and unauthorised allowances introduced by Ministries, Departments, and Agencies.
He, therefore, ordered heads of the MDAs to get approval before any recruitment.
In his opening remark, the Senate President, Ahmad Lawan, had said the National Assembly was ready to pass the 2021 Appropriation Bill before the end of this year.
