The National Assembly has passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion –Channel TV
According to the source, 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 no doubt the first 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 pushing 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 will be used to promote critical areas in the country.
Major assumptions in the the 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%
More info on the way…