The Senate, on Monday, passed the ₦13.588 trillion 2021 budget with an increase of ₦505 billion.
The budget was passed by a joint session of the National Assembly, during their special plenary held mainly to pass the budget ahead of the Christmas and New Year break.
The lawmakers pegged the price of crude at $40 per barrel but urged President Buhari to send a supplementary budget because of the increase in oil price in the international market which is drifting between 47-50 dollars per barrel.
Read also: 2021 National Budget To Be Presented Next Week – Senate
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; and GDP growth rate 3.00%.
Eko Hot Blog had reported that President Muhammadu Buhari submitted a ₦13.082 budget to a joint session of the National Assembly on October 8th, 2020.
The 2021 budget is tagged the budget of economic recovery and resilience aimed at accelerating the pace of the country’s economic recovery, diversification promotion, competitiveness enhancement, and ensuring social inclusion.
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