National Assembly passes 2021 budget, raises spending by N505bn
The National Assembly on Monday passed the 2021 budget, raising the proposed estimate of N13.08 trillion to N13.58 trillion.
This is an increase of about N505 billion from the over the N13.08 trillion proposed by President Muhammadu Buhari to a joint session of the National Assembly on October 8, 2020.
The budget was passed by both the Senate and the House of Representatives at a special plenary session held mainly to pass the budget ahead of the Christmas and New Year break.
Key assumptions in the 2021 budget include statutory transfer of N496.52 billion, recurrent (non-debt) expenditure N5.64 trillion, capital expenditure N4.12 trillion, debt servicing N3.32 trillion, $40 per barrel benchmark crude price, and GDP growth rate 3 percent.
The lawmakers, however, 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 per barrel. The supplementary budget is expected to fund critical areas in the country.
The 2021 budget, christened ‘Budget of Economic Recovery and Resilience’, is aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.