2021 Budget Passes Second Reading In Senate

After a three-day debate on its general principles, the Nigeria Senate on Thursday passed the 2021 budget for second reading.

During plenary on Thursday, Senate President Ahmed Lawan directed its Committee on Appropriation to work on the fiscal document and report back in four weeks.

President Muhammadu Buhari last Thursday presented a N13.08 trillion 2021 Appropriation Bill before a joint session of the National Assembly for consideration and approval.

The president said during the budget presentation that the 2021 Appropriation has been themed the “Budget of Economic Recovery and Resilience” in “view of the many challenges confronting us, we must accelerate our economic recovery process, promote social inclusion and strengthen the resilience of the economy.”

According to Buhari, the 2021 budget is expected to “accelerate the pace of our economic recovery, promote economic diversification, enhance competitiveness and ensure social inclusion.”

The President said: “The 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper set out the parameters for the 2021 Budget, which include:

a. Benchmark oil price of 40 US Dollars per barrel;

b. Daily oil production estimate of 1.86 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);

c. Exchange rate of N379 per US Dollar; and

d. GDP growth projected at 3.0 percent and inflation closing at 11.95 percent.”