House Of Reps Increases 2020 Budget To N10.6tn
The House of Representatives has increased the 2020 Appropriation Bill from N10.33 trillion to about N10.6 trillion.
The new figure was proposed by the House Committee on Finance at plenary on Wednesday.
Below is the report breakdown as presented by the Senate Committee.
A Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of N10,594,362,364,830 (Ten Trillion, Five Hundred and Ninety-Four Billion, Three Hundred and Sixty – Two Million, Three Hundred and Sixty – Four Thousand, Eight Hundred and Thirty Naira)only, of which N 560,470,827,235 (Five Hundred and Sixty Billion, Four Hundred and Seventy Million, Eight Hundred and Twenty-Seven Thousand, Two Hundred and Thirty – Five Naira) only, is for Statutory Transfers, N 2,725,498,930,000 (Two Trillion, Seven Hundred and Twenty – Five Billion, Four Hundred and Ninety-Eight Million, Nine Hundred and Thirty Thousand, Naira) only, is for Debt Service, N 4,842,974,600,640 (Four Trillion, Eight Hundred and Forty – Two Billion, Nine Hundred and Seventy-Four Million, Six Hundred Thousand, Six Hundred and Forty Naira) only, is for Recurrent (Non-Debt) Expenditure while the sum of N 2,465,418,006,955 (Two Trillion, Four Hundred and Six – Five Billion, Four Hundred and Eighteen Million, Six Thousand, Nine Hundred and Fifty – Five Naira) only, is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 day of December, 2020 (Referred: 10/10/2019).
President Muhammadu Buhari had on October 8, 2019, presented the appropriation bill to a joint session of the National Assembly.
There are plans by the National Assembly to pass the bill before Christmas, as to reset the nation’s budget pattern.
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