Senate President, Ahmad Lawan, on Tuesday, said the 2021 budget estimates would be transmitted to National Assembly next week for consideration and approval.
Lawan disclosed this in his opening remarks at the resumption of Senate plenary.
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The federal government had projected the sum of N12.65trn for 2021 budget.
This is contained in the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper forwarded to the National Assembly for consideration and approval.
The final draft of the budget estimates would be prepared based on the parameters and fiscal assumptions of the approved 2021-2023 MTEF/FSP.
The government also planned to borrow N4.28trn from foreign and domestic lenders to fund critical infrastructural projects.
The government also projected the sum of N5.16trn as budget deficit for 2021 up from N4.98trn in the 2020 budget.
Lawan said the month of October would be dedicated for the budget defense by Ministries, Departments and Agencies, while the internal processing by the National Assembly would be done in November and December.
Lawan said Nigeria was confronted with an over $14bn revenue gap and the grim reality of an unwholesome overdependence on oil.
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