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(AFRICAN EXAMINER) – The National Assembly has passed into law the 2021 budget totalling N13.5 trillion.
The budget is based on oil benchmark of $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 and has an increment of N505bn.
African Examiner recalls that President Buhari presented N13.082 trillion to the National Assembly on October 8.
Also, the House of Representatives passed the N13.6 trillion 2021 budget on Monday in Abuja.
The passage of the fiscal document was after the adoption of a report by the House Committee on Appropriation, laid by its Chairman, Hon. Aliyu Betara (APC-Borno) at the Committee of Supply.
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The National Assembly on Monday passed the 2021 Appropriation Bill, raising the total estimates from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn.
President Muhammadu Buhari presented N13.082trn to National Assembly on October 8.
Also, the House of Representatives passed the N13.6 trillion 2021 budget on Monday in Abuja.
The passage followed the adoption of a report by the House Committee on Appropriation, laid by its Chairman, Rep Aliyu Betara (APC-Borno) at the Committee of Supply.
He said the Bill is to authorise the issue from the Consolidated Revenue Fund of the Federation the sum of N13,588,027,886,175 of which N496.5 billion is for statutory transfers.
House of RepresentativesThe House of Representatives passed the N13.6 trillion 2021 budget on Monday in Abuja.
The passage followed the adoption of a report by the House Committee on Appropriation, laid by its Chairman, Rep Aliyu Betara (APC-Borno) at the Committee of Supply. x
He said the Bill is to authorise the issue from the Consolidated Revenue Fund of the Federation the sum of N13,588,027,886,175 of which N496.5 billion is for statutory transfers
He added that N3.3 billion is for debt servicing, while N5.6 trillion is for recurrent non-debt expenditure.
Betara added that N4.1 trillion is for contribution to the Development Fund for capital expenditure for 2021.
The report reads in parts”“That the House do receive the Report of the Committee on Appropriations on a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N13,588,027,886,175 (Thirteen Trillion, Five Hundred and Eighty–Eight Billion, Twenty–Seven Million, Eight Hundred and Eighty–Six Thousand, One Hundred and Seventy–Five Naira) only, of which N496,528,471,273 (Four Hundred and Ninety–Six Billion, Five Hundred and Twenty–Eight Million, Four Hundred and Seventy–One Thousand, Two Hundred and Seventy–Three Naira) only is for Statutory Transfers, N3,324,380,000,000 (Three Trillion, Three Hundred and Twenty–Four Billion, Three Hundred and Eighty Million Naira) only is for Debt Service, N5,641,970,060,680 (Five Trillion, Six Hundred and Forty–One Billion, Nine Hundred and Seventy Million, Sixty Thousand, Six Hundred and Eighty Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N4,125,149,354