By Babajide Okeowo
The National Assembly has passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion. This is an increase of N505 billion from the proposed figures presented by the executive.
Key assumptions in the 2021 budget include a statutory transfer- N496.528 billion. Recurrent expenditure is expected to gulp N5.641 trillion while Capital expenditure will gulp N4.125 trillion. Debt servicing will account for N3.324 trillion while the Gross Domestic Product, GDP growth rate is pegged at 3.00%
The 2021 budget is christened the Budget Of Economic Recovery And Resilience aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.
The lawmakers are sticking to the $40 dollar per barrel benchmark price of crude but is asking President Buhari to send a supplementary budget because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel.
Recall that President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020.
