The Senate has on Monday passed N13.5trn an increment of N505bn for the 2021 budget at a special plenary.
The fiscal year document is projected on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer.
The President, Major General Muhammadu Buhari (retd.), had on October 8 presented N13.082trn to the joint session of the National Assembly.
The House of Representatives also passed the N13.6 trillion 2021 budget on Monday in Abuja.
The approval 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.
Betara stated that the Bill is to approve 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 explained that N3.3 billion is for debt servicing, while N5.6 trillion is for recurrent non-debt expenditure.
Betara also added that N4.1 trillion is for contribution to the Development Fund for capital expenditure for 2021.
Speaker of the House of Representatives, Femi Gbajabiamila, in his comment said the ninth National Assembly passed the budget in record time to keep to the promise made during its inauguration.
“We will maintain this tempo so that our successors can continue from where we stopped,’’ he said.
The House adjourned its plenary session to January 26, 2021.