Sequel to the report presented by the Chairman, House Committee on Appropriations, the House of Representatives on Thursday passed the 2020 budget.
The Senate had earlier on Thursday also passed the budget.
The House had on Wednesday received the final report of the budget from the Appropriation Committee.
The aggregate of the newly passed budget was upped to ₦10.6 trillion, from the ₦10.3 trillion presented to the National Assembly by President Muhammadu Buhari on October 8.
The National Assembly also had a jerk in its budget to ₦128 billion from the proposition of ₦125 billion by the president.
Of the this new total, ₦560 billion was earmarked for statutory transfers, a special category of fund which the federal government is mandated to release after receiving revenues, before other considerations. The National Assembly, INEC, National Human Rights Commission, and Basic Health Care Fund fall in this category. Others are NJC, NDDC, NEDC, UBEC, and the Public Complaints Commission.
Also, ₦2.7 trillion would be used to service debt in 2020.
In like manner, ₦4.8 trillion is to cater for recurrent (non-debt) expenditure while capital expenditure stands at ₦2.465 trillion.
Recurrent Expenditure – ₦4,842,974,600,640
Capital Expenditure — ₦2,465,418,006,955
Statutory Transfers — ₦560,470,827,235
Debt Service — ₦2,725,498,930,000
Aggregate Expenditure — ₦10,594,362,364,830
Before the passed bill becomes law, the president has to assent to it.
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