Senate President, Ahmed Lawan

Nigeria’s National Assembly has passed the 2021 national budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.

The fiscal document is predicated on oil benchmark of $40 per barrel. An estimate of N3.324trn was earmarked for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent expenditure and N496 bn for statutory transfer.

The budget was passed on Monday by both the Senate and the House of Representatives during their special plenary.

President Muhammadu Buhari had on October 8 presented the budget to the national assembly.