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2021: Another Budget Passes Jan-Dec Cycle Test

Last week, the National Assembly passed the 2021 Appropriation Bill presented to it by President Muhamnadu Buhari in October, making it the second budget to pass the January to December cycle since the Buhari administration reverted to the old practice. Udora Orizu writes
The Budget Presentation
In a bid to maintain the January-December budget cycle, President Muhammadu Buhari had on Thursday, October 8, presented N13.8 trillion 2021 Appropriation Bill to the joint session of the National Assembly for consideration and approval. The 2021 budget estimate is N211 billion higher than the N10.594 trillion of the 2020 budget passed by the legislature in December 2019, before it was revised to N10.509 trillion against the backdrop of the Covid-19 pandemic. ....

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Breaking News | Breaking News Just in: Senate passes 2021 budget, raises it by N505bn

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The senate has passed the sum of 13.588 trillion as budget for 2021 fiscal year which was increased by N505 billion.
The appropriation bill was passed by the senate on Monday after Jibrin Barau, chairman of the committee on appropriation, presented a report.
While presenting his report, Barau noted that the COVID-19 pandemic affected all sectors of the economy. The chairman said the executive arm of government could present a supplementary budget owing to the fact that the country’s crude oil price is on the rise.
“That the impact of COVID-19 has affected all facets of life. There is a remarkable increase of Nigeria’s oil price. In view of increasing oil prices, the executive may wish to submit a supplementary bill to lift the country out of recession,” he said. ....

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