The federal government has proposed N12.6 trillion as aggregate budget for the 2021 fiscal year.
The proposed budget will have a deficit of N5.16 trillion and will be partly financed by a total loan package of N4.28 trillion.
The proposals were contained in the 2021- 2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), forwarded to the Senate by President Muhamnadu Buhari for approval on Tuesday.
It comes a week after the Federal Executive Council (FEC) approved the MTEF/FSP and the sum of N12.6 trillion as the budget for 2021.
The proposal targets N481.4 billion as statutory transfers – also known as first line charge.
It also targets N5.7 trillion as recurrent expenditure, N3.3 trillion for capital expenditure and N3.12 trillion for debt servicing.
Also included in the proposals are N500 billion intervention fund against COVID-19 pandemic, N52 billion for public works programme, N32.5 billion for social intervention programme, N5 billion as bailout for the aviation sector and N60 billion for maintenance of roads through direct labour across the six geo-political zones.
Aside the N4.3 trillion loan, the FG targets the sums of N205.2 billion from privatisation proceeds to fund the budget.
In the letter accompanying the document, the president said he is sending the proposal early so the federal lawmakers would have enough time to review it.