By Aiyeku Timothy
The Nigerian Senate on Monday passed the sum of N13.082,420,568,233 trillion 2021 Appropriation into law.
The passage followed the recommendation by the Senate Committee Chairman on Appropriation, Senator Jibrin Barau.
The joint session of upper and lower legislative Chambers had received the bill from President Muhammadu Buhari on 8th October 2020 and have been giving it legislative attention with the aim of passing into law before the end of the year.
A total of N505,607,317,874 was added to the amount proposed by the Executive.
The exchange rate benchmark was pegged at N379/$ and crude oil production at 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel, as proposed by the executive.
Meanwhile, the House of Representatives also passed the 2021-2023 Medium Term Expenditure Framework.
Buhari, when submitting the appropriation bill to the lawmakers, termer it as the “Budget of Economic Recovery and Resilience” stating that the budget is designed to further deliver on the goals of Nigeria’s Economic Sustainability Plan, which seeks to provide a clear road map for the post-COVID-19 recovery plan.
According to him, the priorities of the 2021 Budget focuses on: Accelerating the pace of economic recovery;
Promoting economic diversification; Enhancing competitiveness, and Ensuring social inclusion.
