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Nigerian govt proposes N11.86trn budget for 2021



Nigerian govt to increase military funding

The Federal Government on Friday proposed a total expenditure of N11.86 trillion for the 2021 budget.

President Muhammadu Buhari had earlier on Friday signed the revised 2020 budget of N10.81 trillion.

The government also released the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) which kick-started the 2021 budget process.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who presented the document at a Public Consultative Forum on the 2021-2023 MTEF/FSP, said the federal government was projecting N6.98 trillion aggregate revenue from available sources, leading to a fiscal deficit of N5.16 trillion for 2021.

READ ALSO: Buhari signs revised budget 2020 into law

She added that the 2021-2023 MTEF/FSP would provide the framework for the development of the 2021 budget against the backdrop of current challenges in the global macroeconomic environment and domestic factors.

The minister said Nigeria’s total debt stock of $86 billion comprised of $3.5 billion bi-lateral loans, while multi-lateral loans stand at $35 billion.

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