House of Reps passes Nigeria’s 2020 budget

The ongoing house of reps voting to elect new speaker from APC
House of Reps

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.

Breakdown

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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