Africa-Press – Nigeria. The Senate on Monday passed the 2021 budget of N13.5trillion.
The budget was predicated on an oil benchmark of $40 per barrel.
In the budget, N3.324trillion was set aside for debt servicing, N4.1trillion for capital expenditure, N5.6 trillion for recurrent spending, and N496 billion for statutory transfer.
The House of Representatives also approved N13.6 trillion as the 2021 budget on Monday.
The passage of the budget followed the adoption of a report presented by the Chairman of House Committee on Appropriation, Aliyu Betara, at the plenary.
Betara said N3.3 trillion was earmarked for debt servicing, N5.6 trillion for recurrent expenditure, and N4.1 trillion for capital expenditure in the budget.
In his address, the Speaker of the House of Representatives, Femi Gbajabiamila, said the ninth National Assembly passed the budget in record time to keep to the promise made during its inauguration.
“We will maintain this tempo so that our successors can continue from where we stopped,’’ he said.
The House adjourned its plenary session to January 26, 2021.
President Muhammadu Buhari presented the 2021 budget of N13.082trillion to the National Assembly on October 8.
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