President Muhammadu Buhari on Thursday in Abuja signed the 2021 Appropriation Bill of N13,588,027,886,175 into law.

The President’s assent followed the earlier passage of the bill by the National Assembly on December 21 during an emergency session convened for the purpose of passing the budget.

The signing of the budget is also in line with the President’s promise to return the nation to the January to December budget circle.

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

The Appropriation Act comprises total Capital Supplementation of N1,060,751,051,650.

Statutory Transfer stands at N496,528,471,273; Recurrent Expenditure is N5,641,970,060,680 and Gross Domestic Product, GDP, growth rate of 3.00 per cent.

The budget also provides N3,324,380,000 for debt servicing; while Capital Expenditure is N4,125,149,354,222.

The President also signed the 2020 Finance Bill into law.

Present ta the signing ceremony were: the Vice-President, Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.

Others at the Council Chamber, venue of the signing ceremony were the Secretary to the Government of the Federation, SGH, Boss Mustapha, some cabinet ministers as well as few top government officials.


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