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Just In: Senate passes N13.5trn as 2021 Budget

By News Desk,

Lawmakers at the red chambers of Senate have passed the N13.5 trillion 2021 Appropriation Bill.

The consideration and approval followed the adoption of the report of Senate Committee on Appropriations at a special plenary on Monday.

It would be recalled that President Muhammadu Buhari had on Oct. 8, presented the 2021 budget of N13.08 trillion to the joint session of the National Assembly for approval.

However, the fiscal document passed on Monday is predicated 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, and an increment of N505bn.

Meanwhile, the Senate also passed the sum of N453,200,000,000.00 as the budget for the Niger Delta Development Commission (NDDC) for the 2020 fiscal year.

The passage followed the presentation report by the Senator Amos Bulus-led Senate Committee on Niger Delta Affairs at plenary.

Bulus indicated that the revenue profile of the commission for year 2020 comprised of revenue brought forward of N12billion, federal government contribution of N63,506,151,945.00, oil companies contributions of and Nigeria Liquified Natural Gas Limited (NLNG), and Others in the sum of NN317,493,848,055.00.

Others, he said, were Ecological fund of N60billion and other internally realized income of N200million.

Bulus added that after due consideration, the committee recommended that the expenditure profile of the NDDC for year 2020 should include a personnel cost of N27.389billion, Overhead expenditure of N13,937,244,107.00, internal capital expenditure of N2,793,755,893.00, and development projects at the cost of N409.080billion.

However, all recommendations of the committee were approved by the Senate after due consideration.

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