The Senate on Monday passed a N13.588 trillion 2021 budget.
The upper chamber raised it by N505 billion against the N13.082 trillion submitted by President Muhammadu Buhari on October 8, 2020.
The passage follows a report presented by the Chairman of the Committee on Appropriation, Jibrin Barau.
The appropriation bill, themed ‘Economic Recovery and Resilience,’ is aimed at promoting economic diversification and social inclusion.
In his presentation, Barau noted the COVID-19 pandemic has affected all sectors of the economy.
He said: “That the impact of COVID-19 has affected all facets of life. There is a remarkable increase of Nigeria’s oil price.
“In view of increasing oil prices, the executive may wish to submit a supplementary bill to lift the country out of recession.”
In the increased budget, the lawmakers agreed on $40 per barrel benchmark price of crude, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent and N496 bn for statutory transfer.