President Muhammadu Buhari has signed the 2021 budget into law. This was made known on the official Twitter handle of the presidency. The budget was signed on Thursday, December 31, 2020 at the Presidential Villa in Abuja. The 13.6 trillion budget has become law and the implementation will begin in January for the 2021 fiscal year.
The legislators had approved N13.6 trillion (13,588,027,886,107) against the N13.08 trillion proposed by the president in October. The lawmakers added N505 billion to the proposed 2021 Budget. N496.5 billion of the budget has been approved for statutory transfers and N3.3 trillion for debt services.
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).
The president, also on Thursday, signed the 2020 Finance Bill into law.
Officials present at the signing ceremony include Vice President Yemi Osinbajo, Senate President Ahmad Lawan, and Femi Gbajabiamila, Speaker of the House of Representatives.
Others at the Council Chamber were the Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers, and few other top government officials.