The Senate on Monday passed the 2021 Appropriation Bill of N13.5 trillion.
This followed the adoption of the report of Senate Committee on Appropriations at plenary.
The News Agency of Nigeria (NAN), reports that President Muhammdu Buhari had on Oct. 8, presented the 2021 budget of N13.08 trillion to the joint session of the National Assembly for approval.
Presenting the report, Chairman of the Committee Sen. Barau Jibril(APC-Kano), said that the committee was guided by the revenue parameters approved by the National Assembly in preparing the budget.
Jibrin said that the budget was made up of N5.6 trillion recurrent expenditure and N4.1 trillion capital expenditure.
He said that N496 billion of the budget was for Statutory Transfer, while N3.3 trillion was for debt service.
He said the committee adopted 40 dollars per barrel crude oil price benchmark as proposed by the Executive at 1.86mbpd, while exchange rate of N379 was adopted with Gross Domestic Product (GDP) assumption of 3.00 per cent as presented by the executive.
He said that the committee, while processing the budget considered the impact of COVID-19 pandemic that has negatively affected virtually every aspect of life, businesses, individuals and revenue profile of government.
He, however, said in view of the increasing global oil price beyond the benchmark of 40 dollars, the executive may wish to submit a Supplementary Appropriation Bill whenever it deemed fit.
Jibrin said that this would help fund critical areas that would help to accelerate movement of the economy out of recession.
The Senate thereafter adjourned plenary until Tuesday, Jan.26 ,2021.(