Economy

Senate Approves N13.5 Trillion 2021 Budget, Debt Servicing to Cost Nigeria N3.324 Trillion

Published

4 years ago

December 21, 2020

Samed Olukoya

Nigeria Passed N13.5 Trillion Budget for 2021

The Senate passed N13.5 trillion 2021 budget in a special plenary conveyed on Monday to fast track implementation.

The budget, which is N505 billion higher than the N13.082 trillion President Buhari submitted for consideration in October, is predicated on $40 per barrel oil benchmark.

In the 2021 approved budget, N3.324 trillion was budgeted for debt servicing while N4.1 trillion was appropriated for capital expenditure.

Recurrent expenditure and statutory transfer stood at N5.6 trillion and N486 billion, respectively.

Key Highlights of the Budget

1.86 million barrels daily crude oil production, including condensates of 300,000 to 400,000 barrels per day.
Crude oil price benchmark at $40 per barrel.
Naira-US Dollar exchange rate at N379
GDP Growth rate projected at 3 percent
Inflation expected to be around 11.95 percent in 2021.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.