BREAKING: Senate Passes 2020 Budget
The Senate on Thursday passed the 2020 Appropriation Bill to the tune of N10.594 trillion. The passage was after the consideration of the report of the Senate Committee on Appropriations as presented by the Chairman, Senator Barau Jibrin, All Progressives Congress, APC, Kano North.
The passage according to the Senate is to return to December to January budget cycle and to ensure that there is certainty in the budget. The passed budget was jerked by N264 billion, just as the benchmark oil price was increased from the US $ 55 to US$57.
The Crude Oil price as proposed by President Buhari was not touched as the Crude Oil Production of 2 18mbper barrel was retained, GDP Growth Rate retained at 2.93% the same as Inflation Rate of 10.81% and Exchange Rate of 305 USS$1.
After the consideration of the report, it was read the third time and passed. Recall that President Muhammadu Buhari had on October 8, presented a budget proposal of N10.33trn to a joint session of the National Assembly for consideration and subsequent approval.
The 2020 Budget which is tagged ” Budget of Sustaining Growth and Job Creation” has a total budget estimate which is 1.4 trillion higher than that of 2019 which was 8.9 trillion naira.
Highlights of the Bill shows Aggregate expenditure as IO,594,3 62,364,830; Statutory Transfers is 560,470, 827,235; Recurrent Expenditure is 4,842,974,600,640; Capital Expenditure is 2,465,418,006,955; Debt servicing is 2,725,498,930,000; Fiscal Deficit is 2.28 Trillion and Deficit /GDP is 1.52%. Barau Jibrin said,
“It is important to state that the Committee worked harmoniously with the Executive arm of government in the processing of this bill which ensured the collaboration of the
two arms in the utilization of additional revenue projections to fund/improve the funding of some critical projects which could not be adequately funded in the budget proposals submitted by Mr. President due to constraints.
“Consequently, the increase allowed for interventions in critical areas such as National Security, Road Infrastructure, Mines and Steel Development, Health, Social needs, and Water, among others.
This is also in line with the budget thrust of Government which is focused on growing development and sustainable growth.