In the estimate, the Federal Government pegged the 2021 oil benchmark at $40 per barrel and the exchange rate at N360/$1.
The Federal Government has projected N12, 658,009,802,283.00 as next year’s budget estimate.
According to the document, the statutory transfers stand at N481 billion, debt service , sinking fund and recurrent expenditure . Personnel costs, it said, have continued to rise yearly, in great part due to unrestrained recruitment by several agencies of government, oftentimes without compliance with the due process.
The government also projected an oil production of 1.88million barrels per day for 2021 up from 1.80mbpd in the 2020 budget. It noted that the deficit will be financed by new foreign and domestic borrowing of N4.28 trillion, N205.15 billion from privatisation proceeds, and N674.11 billion drawdowns on existing project-tied loans.
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