Nigeria’s President Muhammadu Buhari has signed the 2021 budget into law. The signing was done at the presidential villa in Abuja on Thursday and confirmed on the official Twitter handle of the presidency.
The signing of the budget comes exactly ten days after both chambers of the National Assembly passed the ₦13.6 trillion budget for 2021 and three days after it was transmitted to President Buhari for assent. With the president’s approval, the bill has become law and the implementation is expected to commence in January for 2021 fiscal year.
The legislators had approved ₦13.6 trillion (13,588,027,886,107) against the ₦13.08 trillion proposed by the president in October.
The lawmakers added ₦505 billion to the proposed budget.
A breakdown of the approved budget figures shows about ₦496.5 billion approved for statutory transfers and ₦3.3 trillion for debt services.
The recurrent expenditure was put at ₦5.6 trillion with capital expenditure at ₦4.1 trillion and fiscal deficit at ₦5.2 trillion (₦5,196,007,992,292).
On Thursday, the president also signed the 2020 Finance Bill into law.
The News Agency of Nigeria reports that those who witnessed the signing of the budget include Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
Others at the Council Chamber were the Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers as well as a few top government officials.