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2021 FG Budget Summary: See What Each Ministry And Parastatal Got

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SUMMARY OF 2021 BUDGET EXPENDITURE –  N13.08 TRILLION

 

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a. Benchmark oil price of 40 US Dollars per barrel;

b. Daily oil production estimate of 1.86 million barrels

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c. Exchange rate of N379 per US Dollar.

d. GDP growth projected at 3.0 percent and inflation closing at 11.95 percent.

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Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion.

Oil revenue is projected at N2.01 trillion.

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Non-oil revenue is estimated at N1.49 trillion.

a. Non-debt Recurrent Costs of N5.65 trillion;

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b. Personnel Costs of N3.76 trillion;

c. Pensions, Gratuities and Retirees’ Benefits of N501.19 billion;

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d. Overheads of N625.50 billion;

e. Debt Service of N3.124 trillion;

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f. Statutory Transfers of N484.49 billion;

g. Sinking Fund of N220 billion (to retire certain maturing bonds).

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Statutory Transfers

The Statutory Transfer provisions are:

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a. Niger Delta Development Commission – N63.51 billion;

b. North East Development Commission – N29.70 billion;

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c. National Judicial Council – N110.00 billion;

d. Universal Basic Education Commission – N70.05 billion;

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e. Independent National Electoral Commission – N40.00 billion;

f. National Assembly – N128.00 billion;

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g. Public Complaints Commission – N5.20 billion;

h. Human Rights Commission – N3.00 billion; and

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i. Basic Health Care Provision Fund – N35.03 billion.

Recurrent Expenditure

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a. N227.02 billion for the Ministry of Interior;

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b. N441.39 billion for the Ministry of Police Affairs;

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c. N545.10 billion for Ministry of Education;

d. N840.56 billion for Ministry of Defence; and

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e. N380.21 billion for Ministry of Health.

Capital Expenditure

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a. N1.80 trillion for MDAs’ capital expenditure;

b. N745 billion for Capital Supplementation;

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c. N355 billion for Grants and Aid-funded projects;

d. N20 billion for the Family Homes Fund;

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e. N25 billion for the Nigeria Youth Investment fund;

f. N336 billion for 60 Government Owned Enterprises;

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g. N247 billion for capital component of Statutory Transfers; and

h. N710 billion for projects funded by Multi-lateral and Bi-lateral loans.

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Highlights of the 2021 Capital Projects

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Key capital spending allocations in the 2021 Budget include:

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a. Power: N198 billion (inclusive of N150 billion for the Power Sector Recovery Plan);

b. Works and Housing: N404 billion;

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c. Transportation: N256 billion;

d. Defence: N121 billion;

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e. Agriculture and Rural Development: N110 billion;

f. Water Resources: N153 billion;

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g. Industry, Trade and Investment: N51 billion;

h. Education: N127 billion;

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i. Universal Basic Education Commission: N70 billion;

j. Health: N132 billion;

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k. Zonal Intervention Projects: N100 billion; and

l. Niger Delta Development Commission: N64 billion.

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