Ebun Francis| The National Assembly on Monday passed N13.588 trillion budget for the 2021 fiscal year.
The final figure represents an increase of N505 billion from the original figure of N13.082 trillion proposed by President Muhammadu Buhari earlier in the year was passed by both the Senate and the House of Representatives at a special plenary.
The passage of the budget followed the consideration of a report by the Senate Committee on Appropriations, chaired by Senator Barau Jibrin.
One of the key assumptions of the budget is the $40 per barrel benchmark price of crude even though oil price in the international market which is hovering between 47-50 dollars per barrel.
Othe 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%
The budget, christened the budget of economic recovery and resilience, according to President Muhammadu Buhari, is aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.