The Senate has passed the sum of 13.588 trillion as budget for the 2021 fiscal year; increasing it by N505 billion.
The Appropriation Bill was passed by the Senate on Monday after Jibrin Barau, Chairman of the Committee on Appropriation, presented a report.
“That the impact of COVID-19 has affected all facets of life. There is a remarkable increase in Nigeria’s oil price. In view of increasing oil prices, the executive may wish to submit a supplementary bill to lift the country out of recession,” the Kano senator said.
With the increase in the total budget size, the capital expenditure is now N4.125 trillion. The sum of N3.324 trillion was earmarked for debt service and the sum of N5.641 trillion was voted for recurrent (non-debt expenditure).
