The House of Representatives has approved the 2021 budget totaling N13.6 trillion. The lawmakers also approved a benchmark of $40 per barrel of crude oil.
In a special plenary today to mark the end of the year, the lawmakers passed the budget out of which N496 billion will be for statutory transfers for agencies such as the National Assembly and INEC which is under the first line charge.
The lawmakers also approved N3.3 trillion for debt service, N5.6 trillion for Recurrent (Non–Debt) Expenditure and N4.1 trillion for capital expenditure.
President Muhammadu Buhari had in October presented the 2021 budget estimate before a joint session of the National Assembly.
The proposed expenditure was put at N13.08 trillion with a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day). But in the approved version, the lawmakers jerked up the budget by about N500 billion naira.
The House adjourned it plenary session to Jan. 26, 2021.