The Senate has passed the 2021 budget totaling N13.5trn. This was done at a special plenary on Monday.
The fiscal document is predicated on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer. With an increment of N505bn.
The President, Major General Muhammadu Buhari (retd.), presented a budget of N13.08 trillion to the joint session of the National Assembly on October 8.
Speaker of the House of Representatives, Femi Gbajabiamila, said that ninth National Assembly passed the budget in record time to keep to the promise made during its inauguration.
“We will maintain this tempo so that our successors can continue from where we stopped,’’ he said.
The House therefore adjourned its plenary session to January 26, 2021.
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