President Muhammadu Buhari will on Thursday present the 2021 budget estimate at a Joint session of both chambers of the National Assembly.
The announcement was made following receipt of a letter from the President which was read during plenary by the Senate President, Ahmad Lawan, on Tuesday.
The letter reads: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 11:00hrs on Thursday, October 8, 2020, to formally present the 2021 Appropriation bill to the Joint Session of the National Assembly.
“While I look forward to addressing the Joint session, please, accept Mr Senate President, the assurances of my highest regard.”
However, the Federal Executive Council (FEC) presided over by Buhari had approved the proposed N13.09 trillion budget for the 2021 fiscal year.
Addressing journalists after the FEC meeting, the minister of finance, budget and national planning, Zainab Ahmed last week said the budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
According to the minister, capital expenditure is estimated at N2.083 trillion, accounting for 29 per cent of the total budget. The budget targets three per cent GDP growth and 11.95 per cent inflation rate.
The minister who said the project would run on N4.48 trillion deficit with a revenue target of N7.9 trillion.