The National Assembly has passed the 2021 budget increasing the proposed estimate of N13.082 trillion to N13.588 trillion representing an increase of N505 billion from the proposed figures presented by the executive.
This budget was passed on Monday during a joint session of the Senate and House of Representatives held mainly to pass the budget ahead of the Christmas and New Year break.
The lawmakers pegged the price of crude oil per barrel at $40 while demanding that the executive send a supplementary budget because of the increase in oil price in the international market which is hovering between 47-50 dollars per barrel.
This supplementary budget is expected to fund critical areas in the country.
A breakdown of the budget appropriates N496.528 billion for statutory transfer, N5.641 trillion for recurrent expenditure while the budget for capital expenditure was put at N4.125 trillion.
In addition the budget earmarks N3.324 trillion for debt servicing while projecting a GDP growth rate of 3 percent.