Just in: Senate passes 2020 budget of N10.594 trillion
Nigerian Senate on Thursday passed the 2020 budget of N10.594 trillion into law. This is against the proposed budget of N10.33 trillion presented to the joint National Assembly by President Muhammadu Buhari in October, 2019.
The passage of the budget, however, represents record-breaking and a deviation from what was obtained in the 8th National Assembly in which budget were passed almost eight months after it was presented.
Chairman, Senate Committee on Appropriation, Senator Barau Jibrin, said the increase of N264 billion into the budget allowed for interventions in critical areas such as national security, road infrastructure mines and steel development, health among others.
According to him, 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.