Nigerian senate passes N13.5 trln 2021 federal govt spending estimate
The Nigerian Senate on Monday at a special plenary passed into law the 2021 appropriation bill submitted by the executive on Oct. 2020.
The Senate approved the 2021 spending estimate of N13.5 trillion for the federal government.
The passed fiscal policy is N505 billion more than the N13.082 trillion presented to the National Assembly on October 8, by President Buhari.
The approved fiscal document is based on oil benchmark $40 per barrel, N3.324 trillion for debt servicing, N4.1 trillion for capital expenditure, N5.6 trillion for recurrent, N496 billion for statutory transfer.
The passage followed the recommendation by the Senate Committee on Appropriation.
The Appropriation Committee chairman, Jibrin Barau, presented the report of the committee to the Senate Monday.
The budget estimate was presented to the joint session of the upper and lower legislative chambers by President Muhammadu Buhari on October 8 and had been undergoing legislative scrutiny with the aim of passing it into law before the end of the year.