Senate Passes ₦13 Trillion 2021 Budget into Law, Adds ₦505 billion ( See Break Down )

This supplementary budget is expected to fund critical areas in the country.
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2021 Budget Presentation

Senate Passes N13 Trillion 2021 Budget into Law

The Nigerian senate has passed the N13.588 trillion 2021 budget into Law.  

The figures increased to N13.588 trillion after the National Assembly raised the proposed estimate of N13.082 trillion by N505 billion. 

The lawmakers are sticking to the $40 per barrel benchmark price of crude but asked President Buhari to send a supplementary budget because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel.

This supplementary budget is expected to fund critical areas in the country. 

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%.

President Muhammadu Buhari had submitted an N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020. 

The 2021 budget is christened the budget of economic recovery and resilience aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.