President Muhammadu Buhari today Thursday December 31,2020, signed the 2021 Appropriation Bill into law.
The brief signing ceremony was done inside the President’s office at the Presidential Villa, Abuja.
The National Assembly had last Monday passed N13.58trn budget for the next fiscal year to restore the country’s budget to January to December cycle.
The National Assembly last Monday passed the 2021 Appropriation Bill, raising the total estimates from the proposed N13.08trn to N13,588,027,886,175, an increase of over N500bn.
The President had on October 8, 2020, presented the appropriation bill to the joint session of the National Assembly.
Out of the total sum of N13.59tn for 2021, N496.53bn is for statutory transfers; N3.32tn is for debt service; N5.64tn is for recurrent expenditure; while N4.13trn is for capital expenditure.
While statutory transfers totalling N496.53bn were approved, it was observed that the N125bn proposed for the National Assembly and its affiliates had been raised by N8.99bn, putting the new total estimates at N133.99bn.
