HOUSE OF REPRESENTATIVES INCREASES BUDGET FOR 2020 TO N10.6 TRILLION NAIRA

The House of Representatives has increased the 2020 Appropriation Bill from N10.33 trillion to about N10.6 trillion.

During plenary on Wednesday, the new figure was proposed by the House Committee on Finance. The Committee is scheduled to lay its report on the national budget at the plenary today, Wednesday, December 4th 2019. A total budget sum of N 10,594,362,364,830 was proposed by the committee.

Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of N 10,594,362,364,830 only, of which N 560,470,827,235 only, is for Statutory Transfers, N 2,725,498,930,000 only, is for Debt Service, N 4,842,974,600,640 only, is for Recurrent (Non-Debt) Expenditure while the sum of N 2,465,418,006,955 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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