Senator Stella Oduah has said the 2021 budget passed on Monday would help address infrastructural decay.
Speaking shortly before the budget was passed, Senator Oduah said:
“Our infrastructure decay has been on the increase. I am very much impressed with the way and how this Budget has addressed our problems.“
The Nigerian Senate had pass the appropriation bill of N13.588 trillion, which is N505 billion higher than the proposed N13.082 trillion President Muhammad Buhari presented to the Senate in October for 2021 budget.
Senator Barau Jibrin had moved that the Senate receives and considers the report of the Committee on Appropriations of the 2021 Appropriation Bill, which was seconded by Senator Oduah.
Senate President, Ahmed Lawan, said the Senate worked hard to “meet the deadline of passing the 2021 Budget before we go on Christmas break.”
The 2021 budget passed by the Senate is an increase of 31.9% from the approved N10.3 trillion FGN budget for 2020.
The parameters & fiscal assumptions underpinning the 2021 appropriation of oil price of 40 US Dollars per barrel.Daily oil production estimate of 1.86 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day).Exchange rate of N379 per US Dollar.GDP growth projected at 3.0 percent.Inflation closing at 11.95 percent.
President Buhari presented a budget of N13.08 trillion to the National Assembly in October, while the Senate, on Wednesday, passed an executive communication from President Muhammadu Buhari, seeking the extension of the implementation of the capital aspects of the 2020 Appropriation Act, from December 31, 2020 to March 31, 2021.
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