N’assembly transmits 2021 budget to Buhari for approval

 

The national assembly has transmitted the 2021 appropriation bill of N13.5 trillion to President Muhammadu Buhari for assent.

PUNCH quoted Babajide Omoworare, senior special assistant to the president on national assembly matters (senate), as saying this in a text message on Monday.

 

Last week, the federal lawmakers passed the budget and raised its total sum by N508 billion.

 

On October 8, President Mohammadu Buhari presented the 2021 budget of N13.08 trillion to a joint session of the national assembly.

The budget is predicated on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.

 

The presidential aide said Buhari is examining the document and action would be taken “in due course.”

 

“The appropriation bill has been transmitted by the national assembly to Mr. President in conformity with the provision of section 59 of the constitution,” Omoworare said.

“The bill is presently being looked at by Mr. President and consequent action will be taken in due course.”

 

With the increase of the total budget size, the capital expenditure is now N4.125 trillion.

 

The sum of N3.324 trillion was earmarked for debt service and the sum of N5.641 trillion was voted for recurrent (non-debt expenditure).