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National Assembly Passes 2021 Budget, Adds ₦505bn

National Assembly Passes 2021 Budget, Raises Amount

The National Assembly on Monday passed the 2021 budget increasing the proposed estimate of ₦13.082 trillion to ₦13.588 trillion.

This is an increase of ₦505 billion from the proposed figures presented by the executive.

This budget was passed 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.

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Key assumptions in the 2021 budget include:

Statutory transfer- ₦496.528 billion

Recurrent expenditure- ₦5.641 trillion

Capital expenditure- ₦4.125 trillion

Debt servicing- ₦3.324 trillion

GDP growth rate – 3.00%

President Buhari had submitted a ₦13.082 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.

About Author

Aina Adepeju is a Mass Communication graduate. Adepeju loves photography. She is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

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