News

Buhari Signs 2021 Budget, Finance Bill Into Law

Buhari Signs 2021 Budget, Finance Bill Into Law

 

 

 

 

President Muhammadu Buhari on Thursday signed the 2021 budget and the finance bill into law at the Council Chambers of the State House in Abuja.

This comes 10 days after both chambers of the National Assembly passed the N13.5trn budget and three days after it was transmitted to the President for assent.

President Buhari presented the proposed 2021 budget to the National Assembly on October 8.

The National Assembly, while approving the proposal on December 21, raised the estimate of N13.082 trillion to N13.588 trillion.

This was an increase of N505 billion from the proposed figures presented by the Buhari administration.

The budget signing is to ensure a January to December budget calendar.

It is tagged the budget of economic recovery and resilience and, according to the president, is critical for the legacy of this administration in ensuring security, economic growth, and implementing health and emergency measures to counter the spread of the COVID-19 pandemic.

The president also promised that the budget will address the challenges caused by the pandemic on the economy.

On revenue generation, President Buhari warned heads of revenue-generating agencies to remit early and threatened sanctions for defaulters.

President Buhari on Thursday announced that specific borrowing plans will be forwarded to the national assembly soon.

After the signing ceremony, Channels Television questioned the Senate President, Ahmed Lawan, on the use of over N3 trillion to service debts and his thoughts on more loan requests from the president.

In response, the Senate President and the Speaker of the House of Representatives, Fem Gbahabiamila, both urged Nigerians to focus on what the loans are used for.

They both stated that borrowing is a natural option when revenue is low and assured Nigerians that the National Assembly will ensure all monies borrowed must be used for the capital projects they are slated for.

Angela Davies

Recent Posts

SDNON Unveils Ambitious Plans For 2025, Celebrates Outgoing Executives

The newly elected SDNON excos have unveiled their ambitious plans for 2025 and celebrated the outgoing executives.…

9 hours ago

Primate Ayodele Releases 2025 Prophecies For All Sectors

The leader of the INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has released his 2025…

19 hours ago

Timeless Tunes: How Throwback Songs Bond Africans In 2024

Music has always been central to African culture, reflecting societal changes while connecting generations. In…

2 days ago

Sinach To Feature In Global Christian Event, Gather25

Sinach is set to feature in the global Christian event, Gather25.   Glamtush reports that Gather25,…

2 days ago

Yahaya Bello Released After Meeting Bail Conditions

Yahaya Bello has been released after meeting his bail conditions.   Glamtush reports that former…

2 days ago

Makinde Cancels Birthday Celebration To Honour Ibadan Stampede Victims

Makinde has cancelled his birthday celebration to honour the Ibadan stampede victims.   Glamtush reports that Governor…

2 days ago