Home Economy Senate raises 2020 budget by N264 bn, passes N10.59trn

Senate raises 2020 budget by N264 bn, passes N10.59trn

by Business News Report

Senate has at plenary, passed the 2020 budget of N10.594 trillion as against N10.33 trillion presented by President Muhammadu Buhari on Oct. 8. The passage followed the consideration and adoption of the report of Senate Committee on Appropriation. President Buhari had on Oct. 8, presented the 2020 budget of N10.33 trillion to the joint session of the National Assembly for approval. The budget was accompanied by the Finance Bill which the President also presented to the National Assembly for consideration and passage.

Presenting the report of the Appropriation Committee at plenary, Committee Chairman, Sen. Barau Jibril(APC-Kano), said the committee adopted the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) as approved by the National Assembly.

He said the committee worked harmoniously with the Executive in processing the bill especially in additional revenue projection to fund critical projects. He said the increase in the budget was to allow for interventions in areas like national security, road infrastructure, mines and steel development, health, social needs among others.

Following clause-by clause consideration of the report, at the Committee of the Whole, the Senate having resolved back to plenary passed the 2020 Appropriation Bill. The breakdown of the budget is, Aggregate Expenditure, N10.594 trillion, Statutory transfers, N560 billion, Debt service,  N2.725 trillion, Recurrent Expenditure, N4.842 trillion, Capital Expenditure, N2.465 trillion, Fiscal Deficit, N2.28 trillion and Deficit/GDP 1.52 per cent. The lawmakers adopted a daily crude production rate of 2.18 million barrels, as proposed by the executive.

It, however, adopted 57 dollars oil benchmark as against the executive proposal of 55 dollars.

President of the Senate, Ahmad Lawan, thanked his colleagues for their efforts on the budget, saying the success recorded was in conjunction with the House of Representatives. He said the National Assembly has provided the executive what it needed to implement the budget.

Lawan expressed hope that the implementation of the budget would be faster, noting that the National Assembly would do well in its oversight functions. He said the National Assembly would ensure that Nigerians get what they desired from government. The senate, thereafter, adjourned plenary till Tuesday, Oct. 10.


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