The Senate on Monday passed the 2021 budget totalling N13.5trn.
This represents an increase of N505bn.
The budget is based on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfers.
President Muhammadu Buhari had presented N13.082trn to the National Assembly on October 8.
On its part, the House of Representatives passed the N13.6 trillion 2021 budget on Monday in Abuja.
The passage followed the adoption of a report by the House Committee on Appropriation, laid by its Chairman, Rep Aliyu Betara (APC-Borno) at the Committee of Supply.
Betara said the Bill is to authorise the issue from the Consolidated Revenue Fund of the Federation the sum of N13,588,027,886,175 of which N496.5 billion is for statutory transfers
He added that N3.3 billion is for debt servicing, while N5.6 trillion is for recurrent non-debt expenditure.
Betara added that N4.1 trillion is for contribution to the Development Fund for capital expenditure for 2021.
Commenting on the budget, Speaker of the House of Representatives, Femi Gbajabiamila, declared that ninth National Assembly passed the budget in record time to keep to the promise made during its inauguration.
“We will maintain this tempo so that our successors can continue from where we stopped,’’ he said.
The House adjourned its plenary session to January 26, 2021.
