Nigeria will have for the year 2021, a record budget of more than 28 billion euros (18,216 billion FCFA). It was validated Thursday by President Muhammadu Buhari. It is higher than last year by at least 20%. This envelope will allow the largest producer of black gold in sub-Saharan Africa to revive its economy, which has not been spared by the fall in the prices of its main source of income, oil.

President Muhammadu Buhari on Thursday signed the 2021 budget in the council chamber of the State House in Abuja. It is recalled that the budget of 28 billion euros (18,216 billion FCFA) for 2021 was adopted by the National Assembly last week before embarking on its vacation.

The National Assembly, while approving the proposal, on December 21, raised the estimate from 27 billion euros (17,593 billion FCFA) to 28 billion euros (18,216 billion FCFA). This was an increase of 1.04 billion euros (681.5 billion FCFA) compared to the figures proposed and which were presented by the Buhari administration.

On New Year's Eve, President Muhammadu Buhari also signed the bill to support the January-December budget cycle. The budget is based on a benchmark exchange rate of N/$379 and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 (21,481 FCFA) per barrel. The capital expenditures included in the budget are estimated at 4.3 billion euros (2,790 billion FCFA), which represents 29% of the total budget. It aims for GDP growth of 3% and an inflation rate of 11.95%.

However, with the increase in the total size of the budget, capital expenditure is now 8.5 billion euros (5,516 billion FCFA). The sum of 6.8 million euros (4.4 billion FCFA) was allocated to debt service and the sum of 11.6 million euros (7.5 billion FCFA) was voted for recurrent expenditure (expenditure not related to debt). The budget of 28 billion euros (18,216 billion FCFA) will run from January ¹ to December 31, 2021.