Senate passes 2021 budget; raises spending by N505bn

The National Assembly has passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.

This is an increase of N505 billion from the proposed figures presented by the executive.

This budget was passed on Monday by both the Senate and the House of Representatives during their special plenary held mainly to pass the budget ahead of the Christmas and New Year break.

The lawmakers are sticking to the $40 per barrel benchmark price of crude but asked 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.

This supplementary budget is expected to fund critical areas in the country.

Key assumptions in the 2021 budget include:

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%

President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020.

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. (Channels TV)