The House of Representatives has passed the 2020 revised Appropriation Bill.
The bill which was proposed by the executive sought to reduce Nigeria’s 2020 federal budget from N10.6 trillion to N10.5 trillion was however increased by the lawmakers.
The budget was increased to N10.8 billion, higher than the initial approved budget.
The proposed reduction was based on the global economic realities as a result of the coronavirus pandemic as well as the recent crisis in the oil market.
The consideration and passage of the bill were done shortly after the Chairman of the House Committee on Appropriation, Mukhtar Betara, presented the committee report on the budget.
Based on the revised appropriation as passed by the house, statutory transfers also known as the first line charge (a category into which the National Assembly budget falls), was increased from N398 billion (398,505,979,362) to N422 billion (N422,775,979,362).
Others are N2.6 trillion for debt service and N2.9 trillion for sinking funds.
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