The National Assembly has passed a budget of over N13 trillion for the Year 2021, following a consideration of a report by the committee on appropriation.
The budget passed is N500bn higher than the N13.8 Trillion earlier presented before the joint session of the National Assembly by President Muhammadu Buhari.
This budget was passed on Monday by both the Senate and the House of Representatives during their plenary ahead of the Christmas and New Year break.
About N6 Trillion is for recurrent expenditure, N4.2 trillion for Capital expenditure and N3.32 Trillion for Debt servicing.
Presenting the report on the floor of the house, Chairman of the Committee, Alhaji Aliyu Betera, said the joint Committee has also approved about five hundred naira for statutory Transfers for the year ending 2021.
Alhaji Aliyu Betera, further confirmed that sectors with highest allocation in the 2021 Appropriation Bill includes Defence with about N840bn (eight hundred and forty Billion naira); education with over N545bn (five hundred and forty five Billion naira), Police Affairs about N438bn (four hundred and thirty eight Billion naira) while health sector received over N380 (three hundred and eighty Billion naira.)
The budget is predicated $40 per barrel with crude oil production at 1.86million barrel per day.
Exchange rate was pegged at N379 per dollar.
The House then adjourned plenary till 26th January 2021 to allow the lawmakers to celebrate Christmas and New Year.
Ibrahim Shehu, with additional report by Amaka Ene.