President Muhammadu Buhari has presented the 2021 budget proposal to a joint session of the National Assembly putting the estimate at N13.08 trillion with a crude oil benchmark of $40 per barrel.
Details of the budget indicate that recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and Debt Service of N3.12 trillion.
Statutory transfers has been put at N484.4 billion while Pension, Gratuities & Retirees Benefits was put at N500.19 billion.
A projected inflation rate of 11.95 per cent and GDP growth rate of 3.00 per cent was considered.