Investor Presentaiton

2021 Budget - Budget of Economic Recovery & Resilience Budget Summary 2021 Approved Budget 2021 Supplementary Benchmark oil price USD40 per barrel Commentary 2021 Total • Budget USD40 per N/A barrel Oil production volume (bpd) 1.86 million N/A 1.86 million Average exchange 379/US$1 N/A 379/US$1 rate Capital expenditure (NGN) 4.12 trillion 0.86 trillion 4.98 trillion Statutory transfer 496.53 billion 496.53 billion (NGN) Debt service (NGN) 3.12 trillion 3.12 trillion Recurrent expenditure (non- 5.64 trillion 0.12 trillion 5.76 trillion debt) (NGN) Total revenue (NGN) 7.99 trillion 0.14 trillion 8.13 trillion Total expenditure 13.59 trillion 0.98 trillion 14.57 trillion (NGN) Fiscal deficit (NGN) 5.6 trillion 0.85 trillion 6.45 trillion Sources: Federal Ministry of Finance, Budget and National Planning STRICTLY PRIVATE & CONFIDENTIAL In 2020, President Muhammadu Buhari signed the 2021 Appropriation Bill of NGN13.588 trillion into law, with an overall deficit of NGN5.60 trillion (representing 3.93% of the GDP) to be financed mainly by borrowings of NGN4.69 trillion from both domestic and foreign sources, privatization proceeds of NGN205.15 billion and project linked bilateral & multilateral loans of NGN709.69 billion Recurrent expenditure represented 41.5% of the total budgeted amount, while NGN4.12 trillion budgeted for capital expenditure represented 30.4% of the total budget Infrastructure which includes provisions for Works, Power, Transport, Water Resources, Housing, and Aviation was allocated NGN1.11 trillion, with the Federal Ministry of Works and Housing being allocated a total of NGN399.69 billion Under this, over NGN168 billion was allocated for the construction and rehabilitation of roads in every geo-political zone of the country, and over NGN54 billion of the construction and renovation of various bridge projects nationwide However, as at July 2021, President Muhammadu Buhari assented to the NGN983 billion 2021 supplementary budget focused on funding security and health concerns In August 2021, the Federal Government of Nigeria (FGN) had a retained revenue of NGN3.93 trillion FGN share of oil revenues was NGN754.2 billion, while non-oil tax revenues totaled NGN1.15 trillion (115.7% over and above the target) Other sources of revenues include companies income tax (CIT), value added tax (VAT), customs collections, FGN's Independent revenue, Government Owned Enterprises' (GEO) retained revenues and more On the expenditure side, NGN8.14 trillion has been expended. Of this figure, NGN2.87 trillion was for debt service, NGN2.57 trillion for Personnel cost, including Pensions and NGN1.759 trillion for capital expenditure 7

View entire presentation