Reps pass 2020 budget of 10trn
The House of Representatives on Thursday passed the 2020 Appropriation Bill of N10,594, 362,364,830.
The bill is titled “A bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N10,594, 362,364,830.”
The budget had earlier been considered clause-by-clause by the House at the Committee of Supply and was later read for the third time and passed at the plenary session presided by the Speaker, Hon Femi Gbajabiamila.
The budget estimate was jacked up from the originally submitted figure of N10.33 trillion to N10,594, 362,364,830 trillion, creating an addition of N260 billion.
Out of the envelope size, N560,470,827,235 is for Statutory Transfers while N2,725,498,930,000 is for Debt Service.
Similarly, N4,842,974,600,640 is also for Recurrent (Non-Debt) Expenditure while the sum of N2,465,418,006,955 only is for contribution to the Development Fund for Capital Expenditure.
Recall that the budget was laid at the joint session of Senate and the House by President Muhammadu Buhari on October 8, 2019.