22 Dec National Assembly Passes 2021 Budget
The National Assembly has passed the 2021 Budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.
President Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020.
The 2021 budget 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 are is asking President Buhari to send a supplementary budget to fund critical areas in the country because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel.
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%
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