Nigeria Senate passed N13.5 trillion 2021 budget in a special plenary conveyed on Monday to fast track implementation
The budget estimate increased by the sum of N505, 607,317,942 from the estimate of N13,082,420,568,233 presented to the joint sitting of National Assembly by President Muhammadu Buhari on October 8, 2020.
The fiscal document is predicated on oil benchmark $40 per barrel of 1.86 million barrels daily crude oil production, including condensates of 300,000 to 400,000 barrels per day.The sum of N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer.
The budget contained an aggregate revenue inflow of N7,886,412,575,941.
The breakdown included: N3,502,592,658,607 being share of Federation Revenues and N961,898,590,939 as Independent Revenue.
The sum of N354,852,661,650 would come as Aids and Grants. Over N300,000,000,000 would come as Special Funds/ Account Receipts while the sum of N1,348,837,107,960 would be earned from the sale of government-owned enterprises.
The Budget Deficit of N5,196,007,992,292 will be financed from the sale of assets and privatisation with a projected estimate of N205, 153, 707, 813 while N709, 685, 716, 725 is expected from multilateral/ bilateral project-tied loans. The Senate equally approved N4,281, 168,567,753 allocated for debt servicing.