₦airaland Forum

By Adedapo Adesanya

The federal government is proposing to spend the sum of N12.7 trillion in the 2021 fiscal year and to approve this, it has forwarded it to the Senate.

This was information was contained in the 2021- 2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted to the Senate by President Muhammadu Buhari on Tuesday.

From the N12.66 trillion intended to spend next year, the administration of Mr Buhari plans to have the budget deficit of N5.2 trillion financed by N4.3 trillion to be borrowed from both local and international financial markets.

A breakdown showed that N481.4 billion is targeted from statutory transfers, N5.8 trillion as recurrent expenditure, N3.3 trillion for capital expenditure and N3.1 trillion for debt servicing.

The proposal included a crude oil benchmark of $40 per barrel, 1.86 million barrels as oil production per day and N360 to US dollar as exchange rate among others.

It also took into cognizance N500 billion intervention fund against COVID-19 pandemic, N52 billion for Public Works Programme, N32.5 billion for Social Intervention Programme (SIP), N5 billion as a bailout for the aviation sector and N60 billion for maintenance of roads through direct labour across the six geo-political zones.

In addition, the federal government is also targeting the sum of N205.2 billion from privatisation proceeds to fund the budget.

President Buhari in a letter attached to the documents sought the kind consideration and approval of the distinguished Senate the collective efforts to sustain the restoration of the January – December financial year.

“In line with our commitment, we have worked very hard to achieve an 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,” the letter said.

The President also used the opportunity to seek the confirmation of Mr Chukwuemeka Chukwu as Resident Electoral Commissioner representing Abia State.

https://businesspost.ng/economy/fg-to-borrow-n4-3trn-for-2021-budget-of-n12-7trn/

Hmmmm pls when they are selling the country, they should try not to sell it to China....

they should try countries like Australia.. cus na so we go dey sleep, one country go come claim ownership

APC never get tired of borrowing

They should just sell the country and give us the change

I'm so heart broken with the way Buhari is running this country
... They've borrowed almost from all the countries of the world yet, nothing to show for it .

This Buhari and his team can never think of something to do to generate money except borrowing and over taxing the citizens.
The most annoying part is that it will only be looted and shared among themselves.

We are finished

they borrow to steal .. this country don tire me....I wonder what the next president will do , due to this depth and recession dey around the corner oh!!..

Mysticwebb:
This Buhari and his team can never think of something to do to generate money except borrowing and over taxing the citizens.
The most annoying part is that it will only be looted and shared among themselves.

Huuumm, if I talk now, dem go call me wailer

At this rate, we honestly need a minister of loans and borrowings, except the minister of finanace currently has that as a core function already.

SmartProf:
At this rate, we honestly need a minister of loans and borrowings, except the minister of finanace currently has that as a core function already.

Instead make they use the money wey dey play 2 odds, they no go gree, na to dey borrow anyhow

I pity the next leader of this corntree

Minister of borrowing loading

Osheeey


Next level things

SmartProf:
At this rate, we honestly need a minister of loans and borrowings, except the minister of finanace currently has that as a core function already.

aswear

This country is in a total mess.