Senate passes N10.594tr 2020 budget


The breakdown of the budget as passed by Senate is as follows:

Aggregate Expenditure- N10.594trillion

Statutory transfers– N560 billion

Debt service – N2.725 trillion

Recurrent expenditure – N4.842 trillion

Capital expenditure – N2.465 trillion.

Fiscal Deficit N2.28 trillion

Deficit to GDP 1.52 per cent

Oil production 2.18 mbpd

Oil benchmark $57 per barrel

 

By Sanni Onogu, Abuja

 

The Senate on Thursday passed the 2020 Budget of N10.594 trillion, as against N10.33trillion presented to the National Assembly by President Muhammadu Buhari.

The Senators effected an increase of N264billion on the Budget.

The passage, followed the consideration and adoption of the budget report of Senate Committee on Appropriation chaired by Senator Jibrin Barau.

Senator Barau while presenting his report at plenary, said the committee adopted the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as approved by the National Assembly.

He said the committee worked…



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