The Senate on Monday passed the 2021 Appropriation Bill of N13.5trn.
This followed the adoption of the report of Senate Committee on Appropriations at Committee of the Whole.
President Muhammdu Buhari had on October 8, presented the 2021 budget of N13.08 trillion to the joint session of the National Assembly for approval.
Presenting the report, Chairman of the Committee Senator Barau Jibril (APC-Kano), said that the committee was guided by the revenue parameters approved by the National Assembly in preparing the budget.
Jibrin said that the budget was made up of N5.6trn recurrent expenditure and N4.1trn capital expenditure.
He said that N496bn of the budget was for Statutory Transfer, while N3.3trn was for debt service.
He said the committee adopted 40 dollars per barrel crude oil price benchmark as proposed by the Executive at 1.86mbpd, while exchange rate of N379 was adopted with Gross Domestic Product (GDP) assumption of 3.00 per cent as presented by the executive.
He said that the committee, while processing the budget considered the impact of COVID-19 pandemic that has negatively affected virtually every aspect of life, businesses, individuals and revenue profile of government.
He, however, said in view of the increasing global oil price beyond the benchmark of 40 dollars, the executive may wish to submit a Supplementary Appropriation Bill whenever it deemed fit.
Jibrin said that this would help fund critical areas that would help to accelerate movement of the economy out of recession.
The Senate thereafter adjourned plenary until Tuesday, January 26,2021.
(NAN)
