Senate holds special session Monday to pass 2021 budget

The upper legislative chamber will hold a special session on Monday to pass the 2021 appropriation bill, Senate President Ahmad Lawan, has said.

Speaking on the floor of the senate on Wednesday, Lawan said the reason for the special session is because the executive arm of government requested for the inclusion of additional “expenditure” which came late.

The appropriation committee was supposed to submit a report on the 2021 budget in plenary this week.

The senate president explained that the inclusion of the request by the executive is the reason the report on the budget has not been laid.

“There was a late request for some more expenditure from the executive arm of government and we want to ensure our committee produces a very clean document so they can’t present this report today,” Lawan said.

“However they say the report will be ready by the weekend. Consequently, the senate will hold a special session on Monday 21st of December, just to consider and pass the budget 2021.

“This is in keeping with our legislative agenda of ensuring that the annual budget has the January-December cycle.”

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.

Capital expenditure in the budget is estimated at N2.083 trillion which represents 29 percent of the total budget. It targets three percent GDP growth and 11.95 percent inflation rate.

The budget passed second reading at the senate in October.