The Nigerian Senate (upper chamber of the National Assembly) on Monday passed the sum of N13.588 trillion 2021 Appropriation bill into law.
The figures increased to N13.588 trillion after the National Assembly raised the proposed estimate of N13.082 trillion by N505 billion.
The passage follows the report of the Senate Committee Chairman on Appropriation, Senator Jibrin Barau.
Naija News recalls President Muhammadu Buhari on 8th October, 2020 presented the 2021 budget estimates to a joint sitting of the National Assembly.
The President had tagged the 2021 budget as the budget of economic recovery and resilience which he promised will accelerate Nigeria’s economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.
Some of the key assumptions in the 2021 budget estimates passed by the Senate on Monday are:
– 40 dollars per barrel benchmark price of crude oil.
– Statutory transfer- N496.528 billion
– Recurrent expenditure- N5.641 trillion
– Capital expenditure- N4.125 trillion
– Debt servicing- N3.324 trillion
– GDP growth rate – 3.00%
The lawmakers also requested the President to send a supplementary budget because of the changing oil price in the international market which is fluctuating between 47-50 dollars per barrel.
This supplementary budget is expected to fund critical areas in the country.
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