The Senate has passed Nigeria’s budget for the 2021 fiscal year.
The budget was passed following a report presentation by the Chairman of the Senate Committee on Appropriation, Barau Jibrin.
In his presentation, the Jibrin recommended that N496.5 billion (496,528,471,273) be approved for Statutory Transfers (a category into which the National Assembly budget falls) was adopted.
The 2021 Appropriation Bill has been read on the floor of the senate for a third time and passed.
Stallion Times reports that President Muhammadu Buhari presented the budget proposal to a joint session of the national assembly in October, 2020
The budget (a budget for Economic Recovery and Resilience) is based on an estimated oil price benchmark of 40dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar.
“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,” said Senate President Ahmad Lawan.
“Let me also congratulate the House of Representatives, our counterparts who are doing the same thing like we are doing here.
“Let me also commend the Executive like they did last year that no Head of Department, Ministry or Agency should travel out of the country without defending their budget,” Lawan added.
The president would have to assent to the budget before it becomes law.
The Budget Breakdown
Statutory transfer – N496,528,471,273
Debt service – N3,324,380,000,000
Recurrent expenditure – N5,641,970,060,680
Capital expenditure – N4,125,149,354,222
Fiscal Deficit N5.2 trillion (5,196,007,992,292)
The Senate President, Ahmad Lawan, thanked his colleagues and the executive for the cooperation as he admonished the latter to ensure the full and effective implementation of the budget of the budget.
He also urged Nigerians to pay attention to the work that the lawmakers are doing and recognize their sacrifices to ensure that the nation comes out of recession.