President Muhammadu Buhari has presented a N13 trillion budget estimate proposed for the 2021 fiscal year to the National Assembly.
The president presented the appropriation bill, termed Budget Of Economic Recovery and Resilience, to a joint session of the National Assembly on Thursday
The budget, according to him, will address key economic issues as the country tries to recover from the impact of the coronavirus and the oil price decline.
He said his administration was determined to accelerate the country’s economic recovery process despite revenue generation challenges.
Buhari noted that the 2021 Budget was prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus Pandemic which resulted to a global economic recession, low oil prices and heightened global economic uncertainty and have had important implications for Nigeria’s economy.
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He said “GDP growth is projected to be negative in the third quarter of this year. As such, our economy may lapse into the second recession in four years, with significant adverse consequences. However, we are working assiduously to ensure a rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.”
“Pursuant to our revised assumptions, the amended 2020 Budget was based on a benchmark oil price of 28 US Dollars per barrel; oil production of 1.80 million barrels per day; and an exchange rate of N360 to the US Dollar,” Buhari added.
The president further appreciated Nigerians for their perseverance and continued support during “these difficult times” while affirming that the government remains unwavering in its commitment to actualize “our vision of a bright future for everyone.”