President Buhari to Spend N12.66 Trillion in 2021 Fiscal Year

The 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper submitted by President Muhammadu Buhari to the National Assembly on Tuesday showed that the president plans to spend N12.66 trillion in the 2021 fiscal year.

The proposed budget has a deficit of N5.16 trillion and expected to be partly financed by a total loan package of N4.28 trillion and internally generated revenues.

In a letter, submitted with the documents, the president said he submitted the framework early to allow lawmakers enough time to work on the documents so that the executive can present the 2021 budget soon.

Buhari’s letter read, “It is with pleasure that I forward the 2021–2023 Medium Term Expenditure Framework and Fiscal Strategy Paper 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 an early 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.”

The president sought the cooperation of the National Assembly for expeditious legislative action on the submission.