National Assembly Passes 2021 Budget

The National Assembly on Monday passed the 2021 appropriation bill of  N13.5 trillion at the plenary of the Senate Committee on Appropriations. 

AllNews reports that President Muhammadu Buhari had on October, 8 presented the 2021 budget of N13.08 trillion to the joint session of the National Assembly for approval.

The 2021 budget is christened 'the budget of economic recovery and resilience', aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.

The lawmakers are sticking to the 40 dollars per barrel benchmark price of crude but are asking President Buhari to send a supplementary budget because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel.

The fiscal document is predicated on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer.

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This online news medium understands that the budget has an increment of N505 billion from the proposed figures presented by the executive.

This supplementary budget is expected to fund critical areas in the country like Statutory transfer- N496.528 billion, Recurrent expenditure- N5.641 trillion, Capital expenditure- N4.125 trillion, Debt servicing- N3.324 trillion and GDP growth rate – 3.00%.