President Muhammadu Buhari has signed the Nigeria's 2021 Appropriation Act of NN13, 588, 027,886, 175 trillion, to usher in the new year .
Buhari on Thursday, the last day in 2020, also signed 2021 Finance Act during , a brief ceremony, held in the Executive Council Chambers of Aso Rock Presidential Villa, Abuja.
Edu-Biznews recalled that the National Assembly had last December 21, passed the Appropriation Act which was later transmitted to the presidency, five days ago.
The 2021 Appropriation Act includes total Capital Supplementation of N1,060,751,051,650 and Capital Expenditure of N4,125,149,354,222,
recurrent Expenditure of N5,641,970,060,680, as well as Statutory Transfer of N496,528,471,273; and Gross Domestic Product, GDP growth rate of 3.00 Percent.
The National Assembly also approved the sum of N3,324,380,000 trillion for debt servicing in the fiscal year while increasing the budget size by the sum of N505, 607,317,942 from the original estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by the president on October 8, 2020.
Vice President Yemi Osinbajo; Senate President Ahmad Lawan; Speaker, House of Representatives, Femi Gbajabiamila; Secretary to Government of the Federation (SGF), Mr. Boss Mustapha; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed , among others were presence at the signing of the 2021 Budget.
The president explained that the 2021 Budget was deliberately designed by the government to pursue an expansionary fiscal policy, stressing that it would accelerate the economic recovery process, promote social inclusion and strengthen the resilience of the economy.
His words ,“As you are all aware, our economy recently lapsed into its second recession in four years. I mentioned during the presentation of the 2021 Appropriation Bill that we intend to use the budget to accelerate our economic recovery process, promote social inclusion and strengthen the resilience of the economy. All Ministers are to ensure that their supervised Ministries, Departments and Agencies achieve the objectives set for their sectors.”
Buhari added that the 2021 Budget was designed to stimulate domestic economic activities, create jobs and help in delivering of his administration’s legacy projects for Nigerians .
The President charged all revenue-generating agencies and all ministries, departments and agencies to do all to meet their target revenue generation plans, to ensure proper funding of the budget.
Buhari who expressed his administration commitment in mobilizing all the MDAs to achieve their respective revenue targets ,warned heads of agencies and departments to double their efforts in meeting the target to avoid being sanctioned for non-performance.
He also charged all Nigerians, especially those in the business class, to fulfill their own responsibility in the task of realising the goals of the budget by ensuring prompt payment of their taxes while calling on the Civil Society Organizations to be alive to their responsibilities of monitoring improper implementation of the budget.
“The 2021 Budget is very critical to the delivery of the legacy projects of our Administration. To fully achieve our objectives, the effective implementation of the 2021 Budget is imperative", Buhari stressed.
The president assured that the Federal Ministry of Finance, Budget and National Planning to put in place,measures that would ensure actualization of the budget, particularly the capital projects in the fiscal year.
“Therefore, I have directed the Ministry of Finance, Budget and National Planning should adopt all necessary measures in this regard to achieve the objectives of the Budget, including the targeted release of capital votes".
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