The Senate has finally passed the 2021 budget totalling N13.5trn. The upper chamber at a special plenary on Monday, December 21, passed the budget.
Techeconomy.ng obtained this from the Senate’s official Twitter handle.
2021 Appropriation Bill, 2020 (SB. 523) is read the THIRD time and PASSED.#TodayInSenatePlenary— The Nigerian Senate (@NGRSenate) December 21, 2020
"Let me first of all congratulate all of us for working so hard to ensure that we meet the deadline of passing the 2021 Budget before we go on Christmas break." – @DrAhmadLawan— The Nigerian Senate (@NGRSenate) December 21, 2020
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.
It has an increment of N505bn. Recall that President Muhammadu Buhari presented N13.082trn to National Assembly on October 8.