Breaking: Senate Passes ₦13 Trillion 2021 Budget into Law, Adds ₦505 billion ( See Break Down )

Senate Postpones Passage of 2021 Budget
2020 Budget presentation

Senate Passes N13 Trillion 2021 Budget into Law

The Nigerian senate has passed N13.588 trillion 2021 budget into Law. 

The figures increased to N13.588 trillion after the National Assembly raised the proposed estimate of N13.082 trillion by N505 billion.

Ejes Gist Media Can Authoritatively reports that the Nigerian Senate , which is the upper chamber of the National Assembly on Monday passed the sum of N13.588 trillion 2021 Appropriation bill into law.

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The passage follows the report of the Senate Committee Chairman on Appropriation, Senator Jibrin Barau.

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

# Senate Passes N13 Trillion 2021 Budget into Law


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