NASS Approves Loan of 11 billion dollars
President Buhari had on Thursday 8 October submitted the 2021 budget plan of N13.08trillion to the National Assembly for consideration and approval.
The President was in the company of the Vice-President Yemi Osinbajo, several cabinet members and presidential aides, to a joint session of the National Assembly where he unveiled the “Economic Recovery and Resilience Budget” budget.
The new budget is expected to have a N5.15 trillion deficit and will be partially funded by an N4.28 trillion loan package.
In the meantime, the National Assembly has approved the loan of $11 billion which is to the tune of N4.28 trillion.
Here below are the key capital spending allocations in the 2021 Budget;
a. Power: N198 billion (inclusive of N150 billion for the Power Sector Recovery Plan);
b. Works and Housing: N404 billion;
c. Transportation: N256 billion;
d. Defence: N121 billion;
e. Agriculture and Rural Development: N110 billion;
f. Water Resources: N153 billion;
g. Industry, Trade and Investment: N51 billion;
h. Education: N127 billion;
i. Universal Basic Education Commission: N70 billion;
j. Health: N132 billion;
k. Zonal Intervention Projects: N100 billion; and
l. Niger Delta Development Commission: N64 billion.