National Assembly Passes N13.5 Trillion 2021 Budget

Posted by African Examiner African News, Featured, Latest Headlines, News, News Across Nigeria, News From The State Monday, December 21st, 2020

(AFRICAN EXAMINER) – The National Assembly has passed into law the 2021 budget totalling N13.5 trillion.

The budget is based on oil benchmark of $40 per barrel, N3.324 trillion for debt servicing, N4.1 trillion for capital expenditure, N5.6 trillion for recurrent, N496 billion for statutory transfer and has an increment of N505bn.

African Examiner recalls that President Buhari presented N13.082 trillion to the National Assembly on October 8.

Also, the House of Representatives passed the N13.6 trillion 2021 budget on Monday in Abuja.

The passage of the fiscal document was after the adoption of a report by the House Committee on Appropriation, laid by its Chairman, Hon. Aliyu Betara (APC-Borno) at the Committee of Supply.

According to Betara, the bill is to authorise the issue from the Consolidated Revenue Fund of the Federation the sum of N13,588,027,886,175 of which N496.5 billion is meant for statutory transfers

He disclosed that N3.3 billion will be for debt servicing, while N5.6 trillion will be used for recurrent non-debt expenditure.

Betara also stated that N4.1 trillion is for contribution to the Development Fund for capital expenditure for 2021.

Speaker of the House of Representatives, Femi Gbajabiamila, disclosed that the ninth National Assembly passed the budget in record time because of 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 adjourned plenary session to January 26, 2021.