Senate passes a budget of over N13.588 trillion for Year 2021, following a consideration of the report of the committee on appropriation.
This is an increase of N505B from the N13.08 Trillion presented by President Muhammadu Buhari in 0ctober
The budget is predicated $40 per barrel with crude oil production at 1.86million barrel per day.
Exchange rate was pegged at N379 per dollar.
Of the total budget size, about #6Trillion naira is for recurrent expenditure, 4.2 Trillion naira for Capital expenditure and 3.32 Trillion for Debt servicing.
Passage of the 2021 fiscal year Bill followed presentation and adoption of report of the joint house committees of the National Assembly on Appropriation.
Presenting the report on the floor of the house, Chairman of the Committee Alhaji Aliyu Betera, said the joint Committee had confirmed that sectors with highest allocation includes Defence with about #840 Billion naira, Education over #545 Billion naira for Education, Police Affairs with #438 Billion naira while Health sector received over #380 Billion naira.
The house represntatives then adjourned plenary till 26th January, 2021 to allow the lawmakers celebrate Christmas and new year.