President Muhammadu Buhari on Thursday (December 31, 2020) signed the 2021 budget and the finance bill into law at the Council Chambers of the State House in Abuja.
The signing of the critical documents came ten days after both chambers of the National Assembly had passed the N13.5trn budget and three days after it was transmitted to the President for assent.
President Buhari had presented the proposed 2021 budget to the National Assembly on October 8.
The National Assembly, while approving the proposal on December 21, raised the estimate of N13.082 trillion to N13.588 trillion.
This was an increase of N505 billion from the proposed figures presented by the Buhari administration.
The budget signing was to ensure a January to December budget calendar.
It is tagged the budget of economic recovery and resilience and, according to the president, is critical for the legacy of this administration in ensuring security, economic growth, and implementing health and emergency measures to counter the spread of the COVID-19 pandemic.
The president also promised that the budget would address the challenges caused by the pandemic on the economy.
On revenue generation, President Buhari warned heads of revenue-generating agencies to remit early and threatened sanctions for defaulters.
▪︎Borrowing for Budget
President Buhari on Thursday announced that specific borrowing plans would be forwarded to the national assembly soon.
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