President Muhammadu Buhari has presented a N13 08 Trillion 2021 budget estimate to a joint session of the National Assembly.
The proposed expenditure is estimated with a crude oil benchmark price of $40 per barrel.
The budget contains recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and Debt Service of N3.12 trillion.
Statutory transfers has been put at N484.4 billion while Pension, Gratuities & Retirees Benefits was put at N500.19 billion.
A projected inflation rate of 11.95 per cent and GDP growth rate of 3.00 per cent was considered.
The President budgeted N128 billion for the National Assembly and N63.5 billion for the Niger Delta Development Commission.
Other allocations include N29.7 billion for the North East Development Commission, N110 billion for the Nigerian Judicial Council, N70.05 billion for UBEC and N40 billion for the electoral umpire, INEC.
The President said the 2021 budget is titled ‘Economic Recovery and Resilience’ with the aim of promoting economic diversity and enhancing social inclusion.