President Muhammadu Buhari on Thursday presented an appropriation of N13.08 trillion expenditure for 2021 fiscal year to the National Assembly for approval.
In the appropriation bill tagged ‘Budget of Economic Recovery and Resilience’ delivered to the joint chamber of NASS, Buhari proposed about N9 trillion for recurrent expenditure and N3.85 trillion for capital projects.
Highlighting the 2021 Capital Projects, Buhari said that key capital spending allocations in the budget included the Ministry of Works and Housing got N404 billion.
Below are seven key takeaways from President Buhari’s budget presentation:
1. Tax Expenditure statement for 2021 to be published. It will contain tax exemption, incentives and rebates. It’s the first time the document will be published in the country.
2. Medium Term Development plan 2021-2025 to replace Economic Recovery and Growth plan 2017-2020.
3. All Federal staff not captured under the IPPIS scheme will no longer collect salaries as they will be regarded as ghost workers. Members of the Academic Staff Union of Universities (ASUU) are opposed to the IPPIS platform being used to pay their salaries and have refused to enrol on it.
4. Buhari identify revenue generation as a major challenge of government. He wants lawmakers to examine revenue sources and expenditure.
5. Over 800 kilometres of roads for construction across the country under the tax rebate and incentive.
6. Ibadan-Kano rail line for completion. Port Harcourt to Maiduguri rail project and Lagos to Calabar rail lines also on the card.
7. Government to establish five Science and Technology Colleges to boost science and technological education.