The National Assembly on Monday at a special plenary session passed the 2021 Budget totalling N13.588 trillion, N505 billion higher than the proposed figures presented by President Muhammadu Buhari.
The President had on October 5, 2020 submitted a budget termed ‘budget of economic recovery and resilience’ of N13.082 trillion to a joint session of the National Assembly.
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.
The National Assembly had before the passage expressed huge satisfaction on how the budget has addressed every of the sectors and the problems currently faced by the country.
The breakdown of 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 at 3.00%.
With this passage from the National Assembly, the 2021 Budget now awaits the final assent by the President.
