Nigerian law makers have agreed to pass the appropriation bill of N13.588 trillion, which is N505 billion higher than the proposed N13.082 trillion Buhari presented to the National Assembly in October for 2021 budget. Nigerian Senate in a statement during plenary session on Monday said the proposed bill has been passed by it. Senator Barau Jibrin moved that the Senate receives and considers the report of the Committee on Appropriations of the 2021 Appropriation Bill, which was seconded by Senator Stella Oduah.
She said “Our infrastructure decay has been on the increase. I am very much impressed with the way and how this Budget has addressed our problems. I want to support and to urge my dear colleagues that we pass this budget.” Senate President, Ahmed Lawan, said the Senate worked hard to “meet the deadline of passing the 2021 Budget before we go on Christmas break.” The 2021 budget passed by the Senate is an increase of 31.9% from the approved N10.3 trillion FGN budget for 2020.
The criteria & fiscal assumptions on which the 2021 appropriation is based include Crude oil bench mark price of $40 per barrel; daily oil production estimate of 1.86 million barrels inclusive of Condensates of 300,000 to 400,000 barrels per day; exchange rate of N379 to one Dollar; annual GDP growth rate projected at 3.0 percent; inflation rate at 11.95 percent.
