Edeson Online Newspaper: Buhari To Present 2021 Budget To NASS In September This Year.

Saturday, July 11, 2020

Buhari To Present 2021 Budget To NASS In September This Year.

THE Federal Government told the Senate yesterday that President Muhammadu will present before the joint National Assembly, the 2021 Appropriation Bill.

Disclosing this year in Abuja while briefing principal officers of the Senate and House of Representatives led by the Senate President, Ahmad Lawan, and the Speaker, Femi Gbajabiamila, Minister of Finance, Budget and National Planning, Zainab Ahmed said that President Muhammadu Buhari had directed the Ministry to expedite action on next year’s budget estimates to enable him to present the 2021 budget proposal.

The Minister met with the leadership of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later this month.

Ahmed while giving underlying assumptions driving the macro-economic parameters and targets of the 2021 – 2023 Medium

Term Expenditure Framework, said the same was “revised in line with the emergent realities.”

She stated that the Oil Price Benchmark for the 2021 fiscal year was pegged at USD$35; and USD$40 for 2022 and 2023, respectively.

Oil Production (mbpd) was placed at 1.86 for 2021, 2.09 for 2022, and 2.38 for the 2022 fiscal year; while the Exchange Rate remains at N360 to USD$1.

Ahmed stressed that “although Nigeria’s total production capacity is 2.5 million barrels per day, current crude production is about 1.4 million barrels per day – in compliance with the Organization of the Petroleum Exporting Countries’ production quota – and an additional 300,000 barrels per day of condensates, totaling about 1.7mbpd.”

According to her, while the World Bank forecasts that crude oil prices will rise gradually from an average of USD$42 per barrel in 2021 to USD$44.5 per barrel in 2022; and USD$47pb in 2023, it is also expected that Brent crude oil prices may average $41 per barrel during the second half of 2020 and $50pb during 2021, climbing as high as $53pb by the end of next year.

“The nominal Gross Domestic Product (GDP) is expected to increase from N130,836.1 billion in 2020 to N132,125.4 billion in 2021 and then up to N138,415.8 billion in 2023,” Ahmed said.

ALSO, President Muhammadu Buhari will today sign into law the revised 2020 budget of N10.8 trillion.

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