Home Money Nigeria’s lawmakers add N505 billion to N13.082 trillion 2021 budget before passage

Nigeria’s lawmakers add N505 billion to N13.082 trillion 2021 budget before passage

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President Muhammadu Buhari presenting the 2021 budget to National Assembly. Phot Credit: Presidency

By Audrey Lotechukwu

MON, 21 DEC, 2020-theGBJournal- Nigeria’s lawmakers today passed the 2021 Appropriation Bill after a third reading with extra N505 billion added to the N13.082 trillion initially submitted by President Muhammadu Buhari on October 8, 2020.

The addition brings the total package to N13.588 trillion.

The lawmakers stayed with $40 per barrel budget benchmark but requested that the President send a supplementary budget to complement the increase in global oil price. Oil price have been hovering between $47 and $50 per barrel driven by optimism about COVID-19 vaccines as well as energy stocks which are now on course to see their largest quarterly gain since 1989.

Recurrent expenditure of N5.641 trillion takes more than half of the total package which is expected to help accelerate the country’s economic recovery, promote diversification, ensure social inclusion and enhance competiveness.

N4.125 trillion is allocated for capital expenditure whole debt servicing is expected to gulp N3.324 trillion and N496.528 billion is provided as statutory transfer.

Key Allocation Highlights

Independent National Electoral Commission N40, 000,000,000

National Human Rights Commission-N3, 920,000,000

North East Development Commission N31,334,539,570

Basic Health Care Fund N35,025,926,586

Public Complaints Commission N8, 690,000,000

Permanent Secretaries N275,243,752

Service Wide Vote N389, 354, 934

National Institute for Legislative and Democratic Studies N7, 373, 813, 596

The Senate N33, 267, 001, 807

House of Representatives N41, 994, 511, 954

National Assembly Service Commission N5, 734, 166, 662

Legislative Aides N9, 602, 095, 928

Public Account Committee (Senate)           N118, 970, 215

Public Account Committee (House of Reps) N142, 764, 258

General Service N9, 134, 672, 079

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