Senate increases budget to N10.729trn

Senate increases budget to N10.729trn

- Nigerian Senate has approved the 2020 to 2022 Medium Term Expenditure Framework (MTEF)

- The Senate also approved the FG’s total expenditure estimates from N10.002 trillion to N10,729.4 trillion

- This amounts to an increase of additional N729 billion

In efforts to speed up eventual passage of the 2020 budget, the Nigerian Senate on Thursday, October 3, approved the 2020 to 2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper(FSP).

According to the News Agency of Nigeria, the approval, followed the adoption of a 16-point recommendations by the National Assembly Joint Committee Finance and National Planning which considered the MTEF and FSP documents.

The Senate also approved to increase the federal government’s total expenditure estimates in the MTEF/FSP from N10.002 trillion to N10.729.4 trillion. This amounts to an increase of additional N729 billion.

Recall that the joint committee had conducted a public hearing on the MTEF and FSP on October 2.

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The committee had engaged revenue generating agencies in the country on the contents of the MTEF and FSP forwarded by President Muhammadu Buhari for consideration.

It also approved the retaining of N305 to one dollar to ensure economic stability.

It also adopted 2.18mbpd as daily crude oil production output in 2020.

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Meanwhile, recall that had reported that the Senate claimed Buhari was set to present the 2020 Appropriation Bill before a joint session of the National Assembly on Tuesday, October 8.

The Senate stated this on Thursday, October 3, via its official Twitter handle, @NGRSenate.

According to the tweet by the upper legislative chamber, the president of the Senate, Ahmad Lawan, read before the Senate the letter from President Buhari regarding the scheduled date for the presentation of the 2020 Appropriation Bill.

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Source: Legit

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