The Senate has passed the 2021 budget, raising the proposed estimate of N13.082 trillion to N13.588 trillion.
This is an increase of N505 billion from the proposed figures presented by the executive.
President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020.
The budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
The appropriation bill was passed by the Senate on Monday after Jibrin Barau, Chairman of the Committee on Appropriation, presented a report.
While presenting his report, Barau noted that the COVID-19 pandemic affected all sectors of the economy.
The chairman said the executive arm of government could present a supplementary budget owing to the fact that the country’s crude oil price is on the rise.
Meanwhile, the Nigerian government has been borrowing to fund part of its 2020 budget.