President Muhammadu Buhari has signed the 2021 Appropriation Act and the 2021 Finance Act.
He appended his signature to the documents at a ceremony at the Presidential Villa Abuja, on Thursday.
Speaking shortly ater signing the two documents, President Buhari said that in designing the 2021 Budget, government deliberately chose to pursue an expansionary fiscal policy, reiterating that it would accelerate the country’s economic recovery process, promote social inclusion and strengthen the resilience of the economy.
He said: “As you are all aware, our economy recently lapsed into its second recession in four years. I mentioned during the presentation of the 2021 Appropriation Bill that we intend to use the budget to accelerate our economic recovery process, promote social inclusion and strengthen the resilience of the economy. All Ministers are to ensure that their supervised Ministries, Departments and Agencies achieve the objectives set for their sectors.”
President Buhari hinted that he would soon send a borrowing plan to the National Assembly since the 2021 budget has a deficit, explaining that in view of the amendments made to the executive proposals by the lawmakers, he will revert to them for amendments, virements or other necessary adjustments.
“Being a deficit budget, the specific Borrowing Plan will be forwarded to the National Assembly shortly. I count on the co-operation of the National Assembly for a quick consideration and approval of the Plan when submitted. “
He gave assurance that all borrowings would be judiciously applied towards growth-enhancing critical expenditures.
Lateefah Ibrahim
