Nigeria's Senate passes N10.59 trillion budget for 2020
The budget passed by the Senate is N264 billion higher than the N10.33 trillion presented by President Buhari.
The Nigerian Senate on Thursday passed the 2020 Appropriation Bill, which was presented to a joint session of the National Assembly (NASS) in Abuja on October 8th, 2019 by President Muhammadu Buhari. The passage of the proposed budget is a fulfillment of the National Assembly's pledge to accelerate work on the spending plan and have it passed in December in order for the country to return to a January-December budget cycle.
The budget passed by the Senate is N264 billion higher than the N10.33 trillion presented by President Buhari. Chairman of the Senate Committee on Appropriation, Senator Barau Jibrin – who presented the Committee's report at plenary – said the increase was because of the need for interventions in critical areas such as security, infrastructure, mines and steel development, social development, health, among others.
The passed budget retained the N4.8 trillion for recurrent expenditure as proposed by Buhari. However, capital expenditure was increased to N2.5 trillion, compared to N2.14 trillion proposed for capital projects by the president. Also increased in the 2020 fiscal plan were statutory transfers, up from N556.7 billion to N560.5 billion; debt service from N2.45 trillion to N2.7 trillion. The fiscal deficit, however, was reduced from the proposed N2.8 trillion to N2.28 trillion.
The Senate retained Nigeria’s daily oil production estimate for 2020 at 2.18 million barrels per day (bpd) as proposed by Buhari. The lawmakers also maintained crude oil benchmark price of $57 per barrel, as against $60 per barrel last year.
“We hope that with this budget passed, the Executive will ensure full implementation for the benefit of all Nigerians,” said President of the Senate, Ahmad Lawan.
Subsequent to the passage of the Appropriation Bill by the Senate, the House Committee on Appropriations, at the House of Representatives, also passed the 2020 budget today.
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