Nigeria commences fiscal journey to 2021 as lawmakers get N13.08trn budget draft

President Muhammadu Buhari presented a record 13.08 trillion naira ($34.4 billion) budget for 2021 to lawmakers on Thursday.

The budget represent an increase from last year as the country takes on the ensuing crisis brought about by the new coronavirus pandemic.

As the president laid the 2021 fiscal document before the legislature, Ahmed Lawan, the senate president promised the treatment of the budget would be hasten to ensure its pasage as quickly as possible.

Meanwhile, ahead of this important occasion, the senate had on Wednesday gone ahead to pass the 2021-2023 Medium Term Expenditure Framework (MTEF).

The passage followed the adoption of the recommendations of the report of its joint committees on National Planning and Finance, on the 2021-2023 MTEF and FSP documents.

The documents were submitted by President Muhammadu Buhari to the Senate for consideration on July 21.

Chairman of the joint Committee, Sen. Solomon Adeola (APC-Lagos), while presenting its recommendations said there was need for the National Assembly to ensure effective collaboration with the executive to ensure effective implementation of the MTEF and FSP.

Following the presentations and contributions by some senators on need to cut cost of governance, reduce borrowing, reduce waste and shore up government revenue, Senate approved the 20-point recommendations of the committee.