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