Senate passes 2021 budget, increases spending by N505 billion

The Nigeria Senate has passed the country’s budget for the 2021 fiscal year, which was increased from N13.08 trillion presented by President Muhammadu Buhari in October to N13.6 trillion (13,588,027,886,107).

Penpushing reports that, the passage of the budget showed increase of about N505 billion, while the amount for capital expenditure was also increased from N3.6 trillion to N4.1 trillion.

The  breakdown of the budget shows statutory transfer – N496,528,471,273,debt service – N3,324,380,000,000,recurrent expenditure – N5,641,970,060,680,capital expenditure – N4,125,149,354,222,while Fiscal Deficit was put at N5.2 trillion (5,196,007,992,292)

Penpushing further reports that, President of the Senate President, Ahmad Lawan, in his remarks appreciated his colleagues and the executive for the cooperation, and however, admonished the presidency to ensure the full and effective implementation of the budget.

The Senate President also urged Nigerians to pay attention to the work that the lawmakers are doing and recognise their sacrifices to ensure that the nation comes out of recession.

Penpushing also reports the chairman of the Senate Committee on Appropriation, Hon Barau Jibrin in his presentation recommended that N496.5 billion (496,528,471,273) be approved for Statutory Transfers (a category into which the National Assembly budget falls) – which was adopted.

The committee pegged Nigeria’s daily oil production rate at 1.86 million per barrel and the Oil Benchmark Price to $40 per barrel as proposed by the Executive, but retained the exchange rate at N379-$1 as proposed by the executive. It also retained GDP Growth Rate at 3.00 per cent as proposed.

Penpushing reports that, the committee boss said in view of the increasing global oil prices beyond the benchmark of $40, the executive may wish to submit a supplementary Appropriation Bill whenever it deems fit in order to fund critical areas that will help bring the nation out of its current state of recession.

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