President Muhammadu Buhari on Thursday presented the proposed 2021 Budget of N13 trillion termed Budget Of Economic Recovery and Resilience, to the National Assembly.
According to the President, the budget will address key economic issues as the country tries to recover from the impact of the coronavirus and the oil price drop.
Presenting the proposed 2021 budget, the President said that much progress has been made on several fronts and that the government has delivered on key policies and programmes.
According to President Buhari,” agriculture has recorded appreciable success in rice and other crops mainly through the Anchor Borrowers Programme and the Presidential Fertilizer Initiative, anchored by the Central Bank of Nigeria and the Nigeria Sovereign Investment Authority, respectively.”
“We are also accelerating the construction of 337 rural roads around key agricultural corridors to enhance access to market and reduce post-harvest losses.
“These efforts have reduced the adverse impact of Coronavirus on our food availability, prices and security.
“We have made progress on the railway projects connecting different parts of the country. The Lagos-Ibadan Line will soon be operational.
“The Abuja-Kaduna Line is running efficiently while the Itakpe-Ajaokuta Line was finally completed after over 30 years since it was initiated and commissioned in September 2020.
“Arrangements are underway to complete the Ibadan-Kano Line. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to the North, and the South-South as well as South-East to the North, and South-West, respectively.
“We have awarded several contracts to rehabilitate, reconstruct and construct major arterial roads to reduce the hardship to commuters and increase economic activity.
“To bridge the infrastructure deficit, we are also implementing innovative financing strategies to pull-in private sector investment.
“The Infrastructure Company, which I recently approved, will become a world-class infrastructure development vehicle, wholly focused on making critical infrastructure investments in Nigeria.
“This Infrastructure Company will raise funding from the Central Bank of Nigeria, the Nigeria Sovereign Investment Authority, the Africa Finance Corporation, pension funds as well as local and foreign private sector development financiers,” the President said.
