Local NewsNigerian Senate Passes 2021 Budget, Raises It By N505bn Local News Nigerian Senate Passes 2021 Budget, Raises It By N505bn By Popoola Sulaimon December 21, 2020 FacebookTwitterPinterestWhatsApp The Senate has passed the 2021 budget, raising the proposed estimate of N13.082 trillion to N13.588 trillion.This is an increase of N505 billion from the proposed figures presented by the executive.President Muhammadu Buhari had submitted a N13.082 trillion budget to a joint session of the National Assembly on October 8th, 2020.The budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.The appropriation bill was passed by the Senate on Monday after Jibrin Barau, Chairman of the Committee on Appropriation, presented a report.While presenting his report, Barau noted that the COVID-19 pandemic affected all sectors of the economy.The chairman said the executive arm of government could present a supplementary budget owing to the fact that the country’s crude oil price is on the rise.Meanwhile, the Nigerian government has been borrowing to fund part of its 2020 budget. Credit: SaharaReporters Share this:FacebookX Related - Advertisement - More From PurpleWorld News Microsoft to Close Nigerian Office, Endangering 200 Local Jobs Popoola Sulaimon - May 7, 2024 In a development that may deal a severe blow... Business CBN Imposes Tight Deadline for PoS Operators Popoola Sulaimon - May 7, 2024 The Central Bank of Nigeria (CBN) has issued a... News Company Allegedly Files Suit Against Employees for Stealing Two Loaves of Bread Popoola Sulaimon - May 7, 2024 A shopping center in Ibadan, Oyo state, has allegedly ... News CBN Imposes 0.005% Cybersecurity Levy on Electronic Transactions Popoola Sulaimon - May 7, 2024 The Central Bank of Nigeria (CBN) has ordered financial... Insecurity Terror Strikes Sagamu-Ijebu-Ode Expressway: Seven Kidnapped, One Feared Dead in Gunmen Attack Popoola Sulaimon - May 6, 2024 A group of travelers passing through the Sagamu-Ijebu-Ode... News Lekki Buildings Unapproved: Lagos State Government Reveals 80% of Lekki Structures Lack Permits Popoola Sulaimon - May 6, 2024 Dr Oluyinka Olumide, the Commissioner for Physical Planning and... News Peaceful Protest Turned Violent: Delta State Women Shot by Police While Protesting Against Extortion Popoola Sulaimon - May 6, 2024 On Monday, May 6, 2024, the Ughelli Area Command... Education Two Individuals Arrested in Connection with the Suspicious Death of Delta State University Student, Faith Omodon Popoola Sulaimon - May 6, 2024 Faith Omodon, a second-year undergraduate student at Delta State... Insecurity Bandits Lure Nigerian Youths into Crime with as Little as N500, Says Katsina Governor Popoola Sulaimon - May 5, 2024 The Governor of Katsina State said bandits have... - Advertisement -