The Senate, today, passed N13.588 trillion as Nigeria’s budget for 2021 fiscal year.
The budget was passed during a Senate plenary, following the consideration of the report of the Senator Barau Jibrin-led Committee on Appropriation.
President Muhammadu Buhari had in October presented a N13.08 trillion, however, the senate increased it to N13.588 trillion.
This shows that the budget was increased by N505 billion.
While N496,528,471,273 of the budget was allocated for Statutory Transfers, N3,324,380,000,000 went to Debt Service. Recurrent (Non–Debt) Expenditure also got N5,641,970,060,680, while N4,125,149,354,222 went to Capital Expenditure for the year ending (31 December 2021)
Commenting on the budget, Senator Sanni Musa of Niger East Senatorial District, commended the amount allocated to the Ministry of Defense considering the numerous security challenges the country is currently facing.
“I believe that what the Armed Forces need has been considered in this Budget and if there is no security in this country, the whole of this budget is as good as nothing”, he said.
“This is a challenge to the Armed Forces that this National Assembly has done the needful. This Appropriation Act also has considered the youth. There is also need for us to press more on security”
“This should not be business as usual else the security lapses will continue”, the Senator added.