The Nigerian Senate on Monday passed the sum of N13.082,420,568,233 trillion 2021 Appropriation into law.

The passage followed the recommendation by the Senate Committee Chairman on Appropriation, Senator Jibrin Barau.

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

It has an increment of N505bn.

The proposal which was presented to the joint session of upper and lower legislative Chambers by President Muhammadu Buhari on 8th October 2020 has been receiving legislative attention with the aim of passing into law before the end of the year.

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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.

This supplementary budget is expected to fund critical areas in the country.

More to follow.....