BEVERLY HILLS, December 21, (THEWILL) – The National Assembly has passed the 2021 Budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.
President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020.
The 2021 budget, christened the budget of economic recovery and resilience, is aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.
The lawmakers are sticking to the 40 dollar per barrel benchmark price of crude but is asking 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.
Key assumptions in 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 – 3.00%
