The Senate at a special plenary on Monday passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion.

This is an increase of N505 billion from the proposed figures presented by the executive.

President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on 8 October.

The 2021 budget is christened the budget of economic recovery and resilience aimed at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness, and ensure social inclusion.

However, the lawmakers are sticking to the 40 dollar per barrel benchmark price of crude.

They asked President Buhari to send a supplementary budget because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel.

This supplementary budget is expected to fund critical areas in the country.

Key assumptions in the 2021 budget include:

Statutory transfer- N496.528 billion

Recurrent expenditure- N5.641 trillion

Capital expenditure- N4.125 trillion

Debt servicing- N3.324 trillion

GDP growth rate – 3.00%