The National Assembly, comprising 109 Senators and 360 House of Representatives members will get about N128 billion from the N13 trillion being proposed in the 2021 budget presented to the lawmakers by President Muhammadu Buhari on Thursday.
At the presentation, President Buhari stated that N420 billion had been earmarked for the Social Investment Programmes, while another N20 billion had been earmarked for the Social Housing Programmes. The health ministry is expected to get N380.21b.
In the budget tagged: “Budget of economic recovery and resilience,” Buhari stated that He said the main thrust of the 2021 budget was to complete as many ongoing projects as possible, while giving priority to the ones that most affected the people.
He said the 2021 budget would drive the MDAs to generate revenue, no matter how little, while urging the Legislature to pay attention to the revenue as much as they did to the expenditure.
According to him, the 2021 budget was the roadmap for the post-coronavirus economy and was aimed at accelerating the economic recovery process.
Buhari said Crude oil is projected at $40bpd, exchange rate at N379 to $1, GDP at three percent and inflation rate at 11.95 per cent.
He said he had directed the Minister of Finance to finalise the Finance Bill and transmit for consideration and passage.
Buhari said Multiple Rural Electrification Projects, Mambilla Hydro Power Project, Zungeru Hydro Power Project, among others, were key power projects under the 2021 Budget.