The federal government has proposed the sum of N12.66trillion as estimated amount to be spent in the 2021 fiscal year.
The proposal is expected to be financed by total loan packages of N4.28trillion with a deficit of N5.16trillion.
This is contained in the 2021- 2023 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP forwarded to the Senate by President Muhamnadu Buhari for approval.
According to the documents, N481.41billion is being targeted as statutory transfers, N5.75trillion as recurrent expenditure, N3.33trillion for capital expenditure and N3.12 trillion for debt servicing.
Critical parameters and assumptions upon which the proposals are based as contained in the documents acknowledged by the Senate President, Dr. Ahmad Lawan are $40 as oil price benchmark, 1.86million barrels as oil production per day and N360 to US dollar as exchange rate, among others.
The documents also proposals like N500billion as intervention fund against COVID-19 pandemic, N52billion for Special Public Works programme, N32.46billion for Social Intervention Programme, N5billion as bail-out for the aviation sector, N60billion for maintenance of roads through direct labour across the six geo-political zones etc.
Aside the N4.28trillion borrowing, the federal government also proposed in the documents, the sum of N205.15billion from privatization proceeds to fund the budget .
President Buhari in a letter attached to the documents said: “It is with pleasure that I forward the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for the kind consideration and approval of the Distinguished Senate.
“Let me seize this opportunity to express my deep gratitude for the cooperation, support and commitment of the leadership and distinguished members of the Senate in our collective efforts to sustain the restoration of the January – December financial year.
“In line with our commitment, we have worked very hard to achieve and earlier submission of the MTEF/FSP. This is to allow the National Assembly enough time to perform its important constitutional duty of reviewing the framework.
“I herewith forward the 2021 – 2023 MTEF/FSP as the 2021 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2021 – 2023 MTEF/FSP. I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”
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