2021 budget finally gets passage by the Nigerian senate
In a special plenary the Senate on Monday passed the 2021 budget totalling N13.5trn.
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.
It has an increment of N505bn.
Recall that President, Muhammadu Buhari presented N13.082trn to National Assembly on October 8.
Also, the House of Representatives passed the N13.6 trillion 2021 budget on Monday in Abuja.
The passage followed the adoption of a report by the House Committee on Appropriation, laid by its Chairman, Rep Aliyu Betara (APC-Borno) at the Committee of Supply.
He said the Bill is to authorise the issue from the Consolidated Revenue Fund of the Federation the sum of N13,588,027,886,175 of which N496.5 billion is for statutory transfers
He added that N3.3 billion is for debt servicing, while N5.6 trillion is for recurrent non-debt expenditure.
Betara added that N4.1 trillion is for contribution to the Development Fund for capital expenditure for 2021.
The President, Major General Muhammadu Buhari (retd.), presented a budget of N13.08 trillion to the joint session of the National Assembly on October 8.
Speaker of the House of Representatives, Femi Gbajabiamila, said that ninth National Assembly passed the budget in record time to keep to the promise made during its inauguration.
“We will maintain this tempo so that our successors can continue from where we stopped,’’ he said.
The House adjourned its plenary session to January 26, 2021.