The Nigerian Senate on Monday passed the sum of N13.6 trillion (13,588,027,886,107) 2021 Appropriation bill into law.
The budgeted sum was increased from N13.08 trillion initially presented by President Muhammadu Buhari in October to N13.6 trillion, with capital projects benefiting from much of the increase.
The sum for capital expenditures in 2021 was jerked up from from N3.6 trillion to N4.1 trillion.
The passage followed the recommendation by the Senate Committee Chairman on Appropriation, Senator Jibrin Barau.
The 2021 fiscal budget contains daily oil production rate at 1.86 million per barrel and the Oil Benchmark Price of $40 per barrel
Exchange rate was put at N379 to $1 as proposed by the executive.
The budget also retained proposed GDP Growth Rate at 3.00 per cent.
Other breakdown includes:
- Statutory transfer – N496,528,471,273
- Debt service – N3,324,380,000,000
- Recurrent expenditure – N5,641,970,060,680
- Capital expenditure – N4,125,149,354,222
- Fiscal Deficit was put at N5.2 trillion
President Muhammadu Buhari had presented the budget on 8th October, 2020 before a joint session of the National Assembly as the lawmakers gave the budget a swift passage without the logjam that usually accompanies budget presentations by the executive arm in the country.
