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Buhari signs 2021 Budget, Finance Act

President Muhammadu Buhari has signed into law the 2021 Appropriation Act passed last week by the National Assembly. President Buhari also signs Finance Act, 2021.…

President Muhammadu Buhari has signed into law the 2021 Appropriation Act passed last week by the National Assembly.

President Buhari also signs Finance Act, 2021.

The President signed the Acts at a brief ceremony attended by Vice President Yemi Osinbajo, Senate President Ahmad Lawan, Speaker Femi Gbajabiamila of the House of Representatives, a couple of principal officers of the National Assembly, and the Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed among others.

The National Assembly had, on December 21, 2020, passed the 2021 Appropriation Bill with an aggregate expenditure of N13, 588, 027,886, 175 trillion.

It comprises total Capital Supplementation of N1,060,751,051,650 and total Capital Expenditure of N4,125,149,354,222, 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 Percent.

The National Assembly also provided the sum of N3,324,380,000 trillion for debt servicing.

The legislators had increased the budget estimate by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by President Muhammadu Buhari on October 8, 2020.

On Monday, the Presidency confirmed the receipt of the 2021 appropriation bill from the National Assembly.

Analysts say the January-December budget cycle will be sustained with this development.

The budget was passed after the two chambers considered and adopted the reports of their committees on the 2021 Appropriation Bill.

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