President Muhammadu Buhari on thursday signed the 2021 Appropriation bill of N13.5 trillion into law.
The President gave his assent to the N13.5 trillion budget alongside the finance act. Buhari’s media aide had hinted on Wednesday that the budget will be signed on Thursday 31st of December 2020.
With the move the government has maintained the january to december budget cycle which it promised.
The budget estimate of N13.082 billion initially presented by the President to the National Assembly in October was increased by N505.61 billion
A Breakdown of the 13.5trillion naira budget shows that N5.64 trillion will be spent on Recurrent Expenditure.
For Capital Expenditure N4.125 trillion has been earmarked Debt Servicing will receive N3.324 billion while Statutory transfer will gulp N496.528 billion.
