The president wrote a letter of request to the Senate to notify of his intention to present to a joint session of the upper and lower chambers of the National Assembly on Thursday.

"May I crave the kind indulgence of the distinguished Senate to grant me the slot of 11 hours on Thursday 8th October 2020 to formally present the 2021 Appropriation Bill to the Joint Session of the National Assembly," Buhari said in a letter read by Senate President, Ahmad Lawan, during plenary on Tuesday, October 6.

The Federal Executive Council (FEC) last week approved a budget estimate of N13.08 trillion for the 2021 fiscal year.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, after the FEC's meeting last Wednesday, said the proposal was designed to enable the country attain inclusive growth.

"The budget assumptions that were presented to the council today include: one, crude oil price benchmark at $40 per barrel; two, oil production at 1.86 million barrels per day; three, exchange rate of N379 to $1; four, Gross Domestic Product growth target of three per cent; and five, inflation rate of 11.95 per cent," she said.

The minister said the proposal was aimed at stimulating the economy, creating jobs, enhancing growth, creating infrastructural investment, and promoting manufacturing and local production.

"We do expect that Nigeria's economy will recover to the path of growth early in 2021," she added.

Lawan said last week the National Assembly will provide a one-month window for ministries, departments, and agencies (MDA) to defend their budget estimates before the relevant legislative committees.

November and December, he said, will be dedicated to the internal processing of the budget.