President Muhammadu Buhari on Thursday presented N13 trillion 2021 budget estimate to a joint session of the National Assembly.
The N13.08 trillion budget had a crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).
The spending will include N1.35 trillion spending by Government Owned Enterprises and Grants and Aid funded expenditure of N354.85 billion.
The recurrent expenditure will take N5.65 trillion while personnel cost will gulp N3.76 trillion. The sum of N3.12 trillion will be used for debt servicing.
The N484.4 billion will go for statutory transfers while Pension, Gratuities & Retirees Benefits was put at N501.19 billion and Overhead cost at N625.50 billion.