The National Assembly has passed the budget for 2021 fiscal year.
The budget was increased by fromN13.082 trillion presented by President Muhammed Buhari to the joint session of National Assembly on October 8th, 20202 to N13.588 trillion.
The budget which was passed on Monday shows an increase of N505 billion
The amount budgeted for capital expenditure was increased from N3.6 trillion to N4.1 trillion.
The passage was a sequel to the presentation of a report by the chairman of the Senate Committee on Appropriation, Barau Jibrin.
In his presentation, the lawmaker recommended that N496.5 billion (496,528,471,273) be approved for Statutory Transfers (a category into which the National Assembly budget falls) – which was adopted.
The lawmakers maintained Nigeria’s daily oil production rate at 1.86 million per barrel and the Oil Benchmark at $40 per barrel while reatinaing the exchnage rate at N379 to $1 as proposed by the Executive.
Owing to the increase in oil price in international market hovering between 47-59 dollars per barrel, the Lawmakers asked President Buhari to send a supplementary budget to reflect the current price in order to fund crticical areas that will help bring the nation out of its economic recession
The breakdown of the budget is below:
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 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.
