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This is an increase of a N506 billion proposed by the executive.
This followed the adoption of the report of Senate Committee on Appropriations at plenary.
President Muhammadu Buhari had submitted a N13.082 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.
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%
