{"id":77417,"date":"2020-12-21T15:57:00","date_gmt":"2020-12-21T14:57:00","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=77417"},"modified":"2020-12-21T15:57:00","modified_gmt":"2020-12-21T14:57:00","slug":"national-assembly-passes-2021-budget-raises-it-by-n505bn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/national-assembly-passes-2021-budget-raises-it-by-n505bn\/","title":{"rendered":"National Assembly Passes 2021 Budget, Raises It By N505bn"},"content":{"rendered":"<div dir=\"ltr\">The National Assembly has passed the 2021 budget raising the proposed<\/div>\n<div dir=\"ltr\">estimate of N13.082 trillion to N13.588 trillion.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">This is an increase of N505 billion from the proposed figures presented<\/div>\n<div dir=\"ltr\">by the executive.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">This budget was passed on Monday by both the Senate and the House of<\/div>\n<div dir=\"ltr\">Representatives during their special plenary held mainly to pass the<\/div>\n<div dir=\"ltr\">budget ahead of the Christmas and New Year break.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The lawmakers are sticking to the $40 per barrel benchmark price of<\/div>\n<div dir=\"ltr\">crude but asked President Buhari to send a supplementary budget because<\/div>\n<div dir=\"ltr\">of the increase in oil price in the international market which is<\/div>\n<div dir=\"ltr\">hovering between 47-50 dollars per barrel.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">This supplementary budget is expected to fund critical areas in the<\/div>\n<div dir=\"ltr\">country.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Key assumptions in the 2021 budget include:<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Statutory transfer- N496.528 billion<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Recurrent expenditure- N5.641 trillion<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Capital expenditure- N4.125 trillion<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Debt servicing- N3.324 trillion<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">GDP growth rate \u2013 3.00%<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Presenting the report, Chairman of the Committee Sen. Barau<\/div>\n<div dir=\"ltr\">Jibril(APC-Kano), said that the committee was guided by the revenue<\/div>\n<div dir=\"ltr\">parameters approved by the National Assembly in preparing the budget.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Jibrin said that the budget was made up of N5.6 trillion recurrent<\/div>\n<div dir=\"ltr\">expenditure and N4.1 trillion capital expenditure.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">He said that N496 billion of the budget was for Statutory Transfer,<\/div>\n<div dir=\"ltr\">while N3.3 trillion was for debt service.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">He said the committee adopted 40 dollars per barrel crude oil price<\/div>\n<div dir=\"ltr\">benchmark as proposed by the Executive at 1.86mbpd, while the exchange<\/div>\n<div dir=\"ltr\">rate of N379 was adopted with the Gross Domestic Product (GDP)<\/div>\n<div dir=\"ltr\">assumption of 3.00 percent as presented by the executive.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">He said that the committee while processing the budget considered the<\/div>\n<div dir=\"ltr\">impact of COVID-19 pandemic that has negatively affected virtually every<\/div>\n<div dir=\"ltr\">aspect of life, businesses, individuals and revenue profile of the<\/div>\n<div dir=\"ltr\">government.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">He, however, said in view of the increasing global oil price beyond the<\/div>\n<div dir=\"ltr\">benchmark of 40 dollars, the executive may wish to submit a<\/div>\n<div dir=\"ltr\">Supplementary Appropriation Bill whenever it deemed fit.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Jibrin said that this would help fund critical areas that would help to<\/div>\n<div dir=\"ltr\">accelerate the movement of the economy out of recession.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The Senate thereafter adjourned plenary until Tuesday, Jan.26 ,2021.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">President Muhammadu Buhari had submitted a N13.082 trillion budget to a<\/div>\n<div dir=\"ltr\">joint session of the National Assembly on October 8th, 2020.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The 2021 budget is christened the budget of economic recovery and<\/div>\n<div dir=\"ltr\">resilience aimed at accelerating the pace of Nigerian economic recovery,<\/div>\n<div dir=\"ltr\">promote diversification, enhance competitiveness, and ensure social<\/div>\n<div dir=\"ltr\">inclusion.<\/div>\n<div dir=\"ltr\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The National Assembly 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&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":77418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-77417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Assembly Passes 2021 Budget, Raises It By N505bn - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/national-assembly-passes-2021-budget-raises-it-by-n505bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Assembly Passes 2021 Budget, Raises It By N505bn - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The National Assembly has passed the 2021 budget raising the proposed estimate of N13.082 trillion to N13.588 trillion. 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