National Assembly passes 2020 budget/

The Senate and House of Representatives have passed the 2020 budget.

The upper legislative chamber passed the 2020 appropriation bill on Thursday following submission of a report of the Committee on Appropriation—constituted to examine the budget—earlier on Wednesday.

Chairman of the committee, Barau Jibrin, moved a motion for the passage of the N10.594, which is an increase from the one earlier proposed by President Muhammadu Buhari.

Recall that Buhari had on October 8, 2019 proposed a budget of N10.33 trillion budget for the 2020 fiscal year to the joint session of the National Assembly for consideration and consequent passage.

But speaking while moving motion for passage of the appropriation bill during plenary on Thursday, Jibrin stated the N264 billion increase in the budget was necessary for interventions in critical areas such as national security and other infrastructural projects.

After contributions from lawmakers, the Senate unanimously adopted the report and consequently passed the budget.

Providing a breakdown of the budget, Jibrin said statutory transfer stood at N560.5 billion, Recurrent Expenditure at N4.8 billion, Capital Expenditure at N2.5 billion, Debt Servicing at N2.7 billion, Fiscal Deficit at N2.3 trillion and Deficit to GDP of 1.52 per cent.

According to him, the budget was premised on a projected daily oil production of 2.18m barrels per day. He added that oil benchmark was increased from $55 to $57 per barrel proposed by the Executive, while the exchange rate remained N305 per dollar.

In the same vein, the lower legislative chamber has passed 2020 budget of N10.59 trillion consequent upon the adoption of a report by submitted by its Committee on Appropriation.

Chairman of the Committee, Muktar Betara, who presented the budget moved motion for the passage of the budget which was increased by N260 billion.


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