The Senate on Monday passed the 2021 Appropriation Bill of N13.5 trillion.
This followed the adoption of the report of Senate Committee on Appropriations at plenary.
The News Agency of Nigeria (NAN), reports that President Muhammadu Buhari had on Oct. 8, presented the 2021 budget of N13.08 trillion to the joint session of the National Assembly for approval.
Similarly, the House of Representatives also passed the 2021 budget of N13.5 trillion for the Year 2021 has been passed by Nigeria’s National Assembly on Monday ahead of the Christmas and New Year break.
The passing of the budget, which followed consideration of a report by the committee on appropriation is N500bn higher than the N13.08 Trillion earlier presented before the joint session of the National Assembly by President Muhammadu Buhari.
Details of the budget include about N6 Trillion allocated for recurrent expenditure, N4.2 trillion for Capital expenditure and N3.32 Trillion for Debt servicing.
Presenting the report on the floor of the house, Chairman of the Committee on appropriation, Alhaji Aliyu Betera, while presenting the committee’s report on the floor of the House confirmed that sectors with highest allocation in the 2021 Appropriation Bill includes Defence with about N840bn (eight hundred and forty Billion naira); education with over N545bn (five hundred and forty five Billion naira), Police Affairs about N438bn (four hundred and thirty eight Billion naira) while health sector received over N380 (three hundred and eighty Billion naira.)
The nation’s 2021 budget estimate is based on a $40 per barrel assumption, with crude oil production at 1.86million barrel per day.