2021 budget goes through second reading at Senate

2021 budget goes through second reading at Senate

- The Senate on Thursday, October 15, gave the proposed 2021 budget a second reading

- Before the reading, senators debated over the various allocations contained in the budget

- Some lawmakers were worried over the fact that the sum of N3.124 trillion was allocated for debt servicing in 2021

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The proposed 2021 budget on Thursday, October 15, scaled through its second reading at the floor of the Senate during its plenary.

The reading came on the heels of a three-day debate by federal lawmakers on the ramifications and principles of the Appropriation Bill, tagged a budget of “Economic Recovery and Resilience” by President Muhammadu Buhari, The Nation reports.

The debate was characterised by several appraisals on the strengths, weaknesses and workability of the proposed budget in view of the nation's current economic standing.

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A section of the red chamber expressed misgivings over allocation for debt servicing as contained in the budget (N3.124 trillion) and the resolve to finance the budget deficit by way of borrowing the sum of N5.20 trillion.

2021 budget goes through second reading in Senate
2021 budget goes through second reading in Senate (Photo credit: Vanguard)
Source: UGC

President Buhari on Thursday, October 8, presented the proposed 2021 budget of N13 trillion to the senators and members of the House of Representatives at the National Assembly (NASS) chamber in Abuja.

Just as the Senate president, Ahmed Ibrahim Lawan, had revealed earlier, President Buhari arrived the floor of the chamber for the presentation.

According to the president, the budget has been themed the budget of economic recovery and resilience. There was joy among lawmakers when President Buhari announced that the sum of 128 billion had been allocated to the National Assembly in the budget.

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The president, for the first time, was reported to have made his way into the chamber of the NASS through the lower entrance of the zero floor.

Meanwhile, the 2021 appropriation bill has been described as "unrealistic" by Enyinnaya Abaribe, minority leader of the Senate and other senior lawmakers from the opposition.

Speaking during a plenary on Tuesday, October 13, the lawmaker stated that the N13 trillion budget presented by President Muhammadu Buhari lacks conviction with regards to the present state of the economy.

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