National Budget: House of Reps Passes N13.6tn For 2021 Fiscal Year

-by our correspondent.

Budget Highlights:

* N0.49 trillion for statutory transfers

*N5.6 trillion for Recurrent (Non–Debt) Expenditure

* N4.1 trillion for capital expenditure

*N3.3 trillion for debt service.

*N500 billion Naira added by the lawmakers to the budget, without description.

*Lawmakers approve crude oil benchmark of $40 per barrel


Lawmakers in the lower chamber have passed a total of N13.6 trillion as the country’s budget for the 2021 fiscal year.

In a special plenary on Monday to mark the end of the year, members of the House of Representatives passed the budget out of which N496 billion will be for statutory transfers to agencies such as the National Assembly and INEC which is under the first line charge.

The lawmakers also approved N3.3 trillion for debt service, N5.6 trillion for Recurrent (Non–Debt) Expenditure and N4.1 trillion for capital expenditure. The budget is assumes a benchmark of $40 per barrel of crude oil.

President Muhammadu Buhari had in October presented the 2021 budget estimate before a joint session of the National Assembly.

The proposed expenditure was put at N13.08 trillion with a crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).

However, the lawmakers jerked up the estimate by about N500 billion naira in the approved budget. The approved budget now awaits the President’s assent.

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