The overall 2021 Budget deficit which is projected at N5.196 trillion, represents 3.64 percent of the nation’s Gross Domestic Products (GDP).
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this at the public presentation of the 2021 Budget of Economic Recovery and Resilience in Abuja on Tuesday.
She said the budget deficit will be financed mainly from domestic and foreign borrowings to the tune of N4.28 trillion; multilateral/bilateral loan drawdowns of N709.69 billion and privatized proceeds of N205.15 billion.
The minister explained that the N13.08 trillion 2021 budget is 21 percent higher than the 2020 budget with an aggregate capital expenditure of N3.85 trillion.
According to Ahmed, aggregate revenue available to fund the 2021 budget “is projected at N7.89 trillion, 35 percent more than the 2020 Revised Budget of N5.84 trillion”.
Giving a further breakdown, the minister said, “the 2021 Budget deficit (inclusive of Government Owned Enterprises and project-tied loans), is projected at N5.20 trillion. This represents 3.64 percent of estimated GDP”. PNO