- The 2020 budget has been passed by the National Assembly
- The budget was passed after the chairman of the Senate committee on appropriation, Barau Jibrin, submitted his report on Thursday, December 5
- The 2020 budget was increased from the N10.33 trillion earlier presented by President Muhammadu Buhari to N10.6 trillion
The National Assembly on Thursday, December 5, passed the 2020 appropriation bill after the report presentation of Barau Jibrin, the chairman of the Senate committee on appropriation.
The 2020 budget was increased from N10.33 trillion earlier presented by President Muhammadu Buhari to 10,594,362,364,830, that is, approximately N10.6 trillion, Premium Times reports.
The sum of N560.47 billion, according to Jibrin's reports, is for statutory transfers which fall into NASS' budget.
The Senate increased the oil benchmark price to $57 per barrel as opposed to the $55 proposed by the executive arm of the federal government. However, the upper chamber left oil production rate at 2.18 million per barrel on a daily basis.
The committee retained the inflation rate at 10.81%, the exchange rate at N305-$1 and Gross Domestic Product growth rate at 2.93%.
Giving an explanation for the increase, Jibrin said that it will handle areas such as security, infrastructure, mines and steel development and social development in line with the federal government's budget thrust which is focused sustainable growth.
He added that the committee adopted the 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) which the National Assembly has approved.
Appreciating the effort of the committee and his colleagues, the Senate president, Ahmad Lawan, said that the red chamber has assisted the executive in no small way. He was referring to budget, finance bill and the MTEF.
The breakdown of the budget is as follows:
Statutory transfer – N560,470,827,235
Debt service – N2,725,498,930,000
Recurrent expenditure – N4,842,974,600,640
Capital expenditure – N2,465,418,006,955
Fiscal Deficit – N2.28 trillion
Deficit/GDP – N1.52%
Meanwhile, Legit.ng reported that the committee on appropriations of the House of Representatives has increased the 2020 Appropriation Bill from N10.33 trillion to N10.59 trillion. This meant an increase by N260 billion.
This was disclosed during plenary on Wednesday, December 4, when the new figure was proposed by Muktar Betara, chairman of the committee.
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