President Muhammadu Buhari on Thursday, December 31, signed the 2021 Appropriation Act, five days after the bill was transmitted to him by the National Assembly.
The signing was done in a short ceremony witnessed by Vice President Yemi Osinbajo; Senate President Ahmad Lawan; Speaker, House of Representatives, Femi Gbajabiamila; Secretary to Government of the Federation (SGF), Mr. Boss Mustapha; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, among others.
The National Assembly had on December 21, 2020, passed the 2021 Appropriation Bill with an aggregate expenditure of N13, 588, 027,886, 175 trillion.
It comprises total Capital Supplementation of N1,060,751,051,650 and total Capital Expenditure of N4,125,149,354,222, Statutory Transfer stands at N496,528,471,273; recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product, GDP growth rate of 3.00 Percent.
The National Assembly also provided the sum of N3,324,380,000 trillion for debt servicing.
The lawmakers increased the budget estimate by the sum of N505, 607,317,942 from the estimate of N13, 082, 420, 568,233 presented to the joint sitting of National Assembly by President Muhammadu Buhari on October 8, 2020.