President Muhammadu Buhari presented the budget proposal to a joint session of the national assembly in October.

The budget, which is described as a Budget for Economic Recovery and Resilience, is based on an estimated oil price benchmark of 40dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar.

"Let me first of all congratulate all of us for working so hard to ensure that we meet the deadline of passing the 2021 Budget before we go on Christmas break," said Senate President Ahmad Lawan.

"Let me also congratulate the House of Representatives, our counterparts who are doing the same thing like we are doing here.

"Let me also commend the Executive like they did last year that no Head of Department, Ministry or Agency should travel out of the country without defending their budget," Lawan added.

The House has also read the bill for a third time and passed same.

The president would have to assent to the budget before it becomes law.