The Federal Government hopes to have a budget expenditure framework projected at N12.658 trillion for the 2021 fiscal year. This is contained in the latest Economic Outlook by the Ministry of Finance, Budget, and National Planning.
The document, signed by the Minister of Finance, Budget, and National Planning, Ahmed Zainab, indicated that the figure represented a 17.2 per cent increase of the revised N10.8 trillion 2020 budget.
The aggregate revenue available for the budget for next year is projected at N7.498 trillion while the aggregate expenditure level is projected to be N12.658 trillion. On the other hand, the aggregate expenditure is made up of Statutory Transfers of N481.41 billion, Debt Service of N3.124 trillion, and Sinking Fund of N220 billion.
Recurrent (non-debt) expenditure is also put at N5.746 trillion and Capital expenditure (exclusive of capital in Statutory Transfers) has N3.086 trillion. Of the capital expenditure, the Ministries, Department, and Agencies (MDAs) Capital is N1.485 trillion.
The ministry explained that the projections were in accordance with the government’s 2021-2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper. It added that the key parameters for the 2021-23 fiscal framework were set in line with the global and domestic economic outlook.