2021 Budget: FG plans N4.28tn loan for N12.66tn

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The Federal Government has proposed N12.66tn as aggregate expenditure for the 2021 fiscal year on a deficit of N5.16tn.

This would be partly financed by a total loan package of N4.28tn while the rest would be from Internally Generated Revenues.

The proposals were contained in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper presented to the National Assembly by President Muhammadu Buhari on Tuesday.

The proposal targets N481.41bn as statutory transfers, N5.75tn as recurrent expenditure, N3.33tn for capital expenditure and N3.12tn for debt servicing.

Other critical parameters and assumptions upon which the proposals are based are $40 as oil price benchmark, 1.86 million barrels as crude oil production per day and N360 to a dollar as exchange rate, among others.

Also included in the proposals are N500bn intervention fund against COVID-19 pandemic, N52bn for Public Works Programme, and N32.46bn for Social Intervention Programme.

Others are N5bn as a bailout for the aviation sector and N60bn for maintenance of roads through direct labour across the six geopolitical zones.

Apart from the N4.28tn targeted from loans, the Federal Government is also proposing N205.15bn as proceeds from the privatisation of federal assets to fund the budget.

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