Nigeria’s National Assembly has passed the 2021 Appropriation Bill, after raising the total estimates from proposed N13.08tn (about $34.421 billion) to N13.588tn (about $35.757bn).
The Nigerian President had on October 8, 2020, presented the budget estimate of N13.08 trillion to the joint session of the National Assembly. The National Assembly has passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.
The budget, which was passed on Monday by both the Senate and the House of Representatives during their special plenary in Abuja retained the benchmark price of crude oil at $40 per barrel.
The highlights of the budget, which is still subject to revision by the president before assenting to the bill, provided N5.641 trillion for recurrent expenditure, N4.125tn for Capital expenditure.
According to local media reports on Tuesday, N3.324 trillion was provided for Debt servicing, while GDP growth rate was put at 3.00%
The 2021 budget, which has the theme “Budget of economic recovery and resilience” is expected to exit the economy from recession by accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion. ($1=N380)
GIK/APA