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Tuesday, 22 December 2020

National Assembly Passes N13.58trn Budget for 2021


***Adjourns plenary till 26th January, 2021
The National Assembly, during an emergency session convened on Monday, passed a N13.58 trillion budget for the 2021 fiscal year.

The passage of the budget in the Senate was sequel to the consideration of a report by the Committee on Appropriations on the 2021 Appropriations bill.  

In his presentation, Chairman of the Committee, Jibrin Barau (APC – Kano North), while giving highlights of the bill, said out of the total sum of N13,588,027,886,175 for the fiscal year 2021, N496,528,471,273 is for Statutory transfers; N3,324,380,000,000 is for Debt Service; N5,641,970,060,680 is for Recurrent Expenditure; and N4,125,149,354,222 for Capital Expenditure. 

According to the lawmaker, the 2021 budget is predicated on the parameters approved by the National Assembly when it considered the Medium Term Expenditure Framework/Fiscal Strategy Paper last week Thursday. 

Benchmark Price of Crude Oil was fixed at $40USD Per Barrel; Crude Oil Production at 1.86mbpd; Exchange Rate at N379/US$; and Gross Domestic Production (GDP) Growth Rate at 3.00 percent. 

For Capital Expenditure in the year 2021, the sum of N24,090,340,416 was budgeted for the Presidency; N127,850,984,984 for Ministry of Defence; N7,994,280,245 for Ministry of Foreign Affairs; N19,721,066,865 for Federal Ministry of Information and Culture; N38,846,293,565 for Ministry of Interior; N2,491,111,568 for Office of the Head of the Civil Service of the Federation; N218,432,074 for Auditor General of the Federation; N17,882,480,948 for Ministry of Police Affairs; N17,664,285,343 for Ministry of Communication and Digital Economy; and N45,647,587,613 for the Office of the National Security Adviser. 

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