JUST IN: National Assembly passes N13.5trn 2021 budget
chuks oti
Dec 21, 2020
The Senate at a special plenary on Monday passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.
READ ALSO: Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
This is an increase of N505 billion from the proposed figures presented by the executive.
READ ALSO: How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on 8 October.
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.
READ ALSO: Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
However, the lawmakers are sticking to the 40 dollar per barrel benchmark price of crude.
READ ALSO: Neighbours interfere as man b─ùat┼ø his wife, leaving her and their infant child bl─ù─ùding (Video)
They 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.
READ ALSO: NIS to profile herders entering Nigeria through Niger border
This supplementary budget is expected to fund critical areas in the country.
READ ALSO: Ignore Fake News, FG Did Not Suspend Work On Abia Flyover - Abia State Government
Key assumptions in the 2021 budget include:
READ ALSO: Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
Statutory transfer- N496.528 billion
READ ALSO: Why Nigeria Wants To Ban 'Ponmo' Consumption | READ DETAILS
Recurrent expenditure- N5.641 trillion
READ ALSO: "Ikwuano Locked Down For Alex Otti" - Monday Ubani SAN Sends Strong Message To Opposition
Capital expenditure- N4.125 trillion
READ ALSO: WEEPING OUTBURST IN BENUE AGAIN, AS SUSPECTED HERDSMEN KILL MANY IN AGATU (SEE LIST OF NAMES)
Debt servicing- N3.324 trillion
READ ALSO: Woman chops up lover and hides his pen!s before telling cops 'have fun finding parts'
GDP growth rate - 3.00%
Related Stories
Bloodbath At Wedding: Bandits Kill 13, Abduct Many In Midnight Attack In Kaduna Community
"Ikwuano Locked Down For Alex Otti" - Monday Ubani SAN Sends Strong Message To Opposition
Mother's Day: Abia Government Liaison Officer Honours Women, Says Mothers Shape Future Leaders
Why ICPC Is Prosecuting Mike Ozekhome Over a London Property Deal That Has Shaken Nigeria's Legal Circle | READ DETAILS
Ofuji Ndị Igbo Sets 2026 Agenda, Promises Greater Community Engagement
How a Catholic Priest Slumped and Died While Delivering Homily in Delta Church
""
— chuks oti