The Senate on Monday passed the 2021 Budget of N13.5 trillion, increasing it by N505 billion.
The President Muhammadu Buhari had submitted the budget to the joint session of National Assembly on October 8, 2020.
The lawmakers passed the budget 10 weeks after it was submitted to the Joint Session of the National Assembly.
The lawmakers also asked President Buhari to send a supplementary budget because oil price has increased, adding that it will be used to finance critical infrastructure and others.
According to the lawmakers: “In view of the increasing global oil prices beyond the benchmark, the executive may wish to submit a supplementary Appropriation bill whenever it deems it fit in order to fund critical areas that will help to accelerate movement of our economy.”
The lawmakers agreed on an oil benchmark of $40 per barrel, N3.324 trillion for debt servicing, N4.1 trillion for capital expenditure, N5.6 trillion for recurrent and N496 billion for statutory transfer.
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