BREAKING: National Assembly Passes 2021 Budget, Raises It By N505bn

 

The 2021 budget sent to the National Assembly by President Muhammadu Buhari has been passed.

 

However, the National Assembly before passing the budget, raised it from N13.082 trillion to N13.588 trillion. 

 

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

 

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.

 

The lawmakers are sticking to the 40 dollar per barrel benchmark price of crude but is 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.

 

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

 

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%

 

More to follow…