2021 FG Budget Summary: See What Each Ministry And Parastatal Got

SUMMARY OF 2021 BUDGET EXPENDITURE – N13.08 TRILLION

1. a. Benchmark oil price of 40 US Dollars per barrel;
2. b. Daily oil production estimate of 1.86 million barrels
3. c. Exchange rate of N379 per US Dollar.
4. d. GDP growth projected at 3.0 percent and inflation closing at 11.95 percent.

Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion.

Oil revenue is projected at N2.01 trillion.

Non-oil revenue is estimated at N1.49 trillion.

1. a. Non-debt Recurrent Costs of N5.65 trillion;
2. b. Personnel Costs of N3.76 trillion;
3. c. Pensions, Gratuities and Retirees’ Benefits of N501.19 billion;
4. d. Overheads of N625.50 billion;
5. e. Debt Service of N3.124 trillion;
6. f. Statutory Transfers of N484.49 billion;
7. g. Sinking Fund of N220 billion (to retire certain maturing bonds).

Statutory Transfers

The Statutory Transfer provisions are:

1. a. Niger Delta Development Commission – N63.51 billion;
2. b. North East Development Commission – N29.70 billion;
3. c. National Judicial Council – N110.00 billion;
4. d. Universal Basic Education Commission – N70.05 billion;
5. e. Independent National Electoral Commission – N40.00 billion;
6. f. National Assembly – N128.00 billion;
7. g. Public Complaints Commission – N5.20 billion;
8. h. Human Rights Commission – N3.00 billion; and
9. i. Basic Health Care Provision Fund – N35.03 billion.

Recurrent Expenditure

1. a. N227.02 billion for the Ministry of Interior;
2. b. N441.39 billion for the Ministry of Police Affairs;
3. c. N545.10 billion for Ministry of Education;
4. d. N840.56 billion for Ministry of Defence; and
5. e. N380.21 billion for Ministry of Health.

Capital Expenditure

1. a. N1.80 trillion for MDAs’ capital expenditure;
2. b. N745 billion for Capital Supplementation;
3. c. N355 billion for Grants and Aid-funded projects;
4. d. N20 billion for the Family Homes Fund;
5. e. N25 billion for the Nigeria Youth Investment fund;
6. f. N336 billion for 60 Government Owned Enterprises;
7. g. N247 billion for capital component of Statutory Transfers; and
8. h. N710 billion for projects funded by Multi-lateral and Bi-lateral loans.

Highlights of the 2021 Capital Projects

Key capital spending allocations in the 2021 Budget include:

1. a. Power: N198 billion (inclusive of N150 billion for the Power Sector Recovery Plan);
2. b. Works and Housing: N404 billion;
3. c. Transportation: N256 billion;
4. d. Defence: N121 billion;
5. e. Agriculture and Rural Development: N110 billion;
6. f. Water Resources: N153 billion;
7. g. Industry, Trade and Investment: N51 billion;
8. h. Education: N127 billion;
9. i. Universal Basic Education Commission: N70 billion;
10. j. Health: N132 billion;
11. k. Zonal Intervention Projects: N100 billion; and
12. l. Niger Delta Development Commission: N64 billion.