The senate has passed the sum of 13.588 trillion as budget
for 2021 fiscal year.
The budget was increased by N505 billion.
The appropriation bill was passed by the senate on Monday
after Jibrin Barau, chairman of the committee on appropriation, presented a
report.
While presenting his report, Barau noted that the COVID-19
pandemic affected all sectors of the economy.
The chairman said the executive arm of government could
present a supplementary budget owing to the fact that the country’s crude oil
price is on the rise.
“That the impact of COVID-19 has affected all facets of
life. There is a remarkable increase of Nigeria’s oil price,” the Kano senator
said.
“In view of increasing oil prices, the executive may wish to
submit a supplementary bill to lift the country out of recession.”
On October 8, President Mohammadu Buhari presented the 2021
budget of N13.08 trillion to a joint session of the national assembly.
The budget is based on an exchange rate benchmark of N379/$
and crude oil production of 1.86 million barrels per day (including 400,000
barrels of condensate) at $40 per barrel.
Capital expenditure in the budget is estimated at N2.083 trillion
which represents 29 percent of the total budget.
It targets three percent GDP growth and 11.95 percent
inflation rate
However, with the increase of the total budget size, the
capital expenditure is now N4.125 trillion.
The sum of N3.324 trillion was earmarked for debt service
and the sum of N5.641 trillion was voted for recurrent (non-debt expenditure).
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com