Buhari signs 2021 appropriation bill

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President Muhammadu Buhari, on Thursday, assented to the 2021 appropriation bill.

The signing was done inside the president’s office at the Presidential Villa, Abuja.

With the president’s assent, the bill has become law and its implementation is expected to commence in January for the 2021 fiscal year.

The signing came ten days after the senate and the House of Representatives passed the N13.5 trillion budget for the 2021 fiscal year and three days after it was transmitted to the president.

The lawmakers had approved N13.6 trillion (13, 588, 027, 886, 107) against the N13.08 trillion proposed by the president in on October 8, 2020 when he laid the bill before a joint session of the national assembly.

The lawmakers added N505 billion to the proposed budget.

A breakdown of the approved budget figures shows about N496.5 billion was approved for statutory transfers and N3.3 trillion for debt service.

The recurrent expenditure was put at N5.6 trillion with capital expenditure at N4.1 trillion and fiscal deficit at N5.2 trillion (5,196,007,992,292).

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