Senate Adjourns Plenary For Budget Defence

plenary
Senate plenary

The Senate has suspended plenary for two weeks to enable it engage Nigerian officials for the budget defence.

The Senate President, Ahmad Lawan, made the announcement at the end of the budget debate on Tuesday.

The plenary is adjourned to October 29, he said.

The lawmakers’ deliberations on the 2020 Appropriation Bill began on Tuesday.

They had commenced debate on the bill last Wednesday – a necessary criterion for consideration and passage of a bill.

President Muhammadu Buhari had on October 8 proposed N10.3 trillion for the nation’s spending for next year

One assumption of the budget is that Nigeria will use a quarter of the budget (N2.5 trillion) to repay debts the government owes locally and internationally.

The budget was also prepared on the assumption of $57 per barrel with crude oil production of 2.18 million barrels per day.

Mr Buhari also presented the Finance Bill to the National Assembly for consideration and passage into law.

The Bill, among other things, seeks to increase the Valued-Added Tax rate from five per cent to 7.5 per cent.

More than half of the lawmakers gave their contributions on the floor of the Senate during the debate.

The bill was thereafter, referred to the Committee on Appropriations which will spread the budget across the standing committees of the chamber for Ministries, Departments and Agencies to appear before them and defend their 2019 budget performance and 2020 proposal.

The meetings of several committees for budget defence are expected to commence on Wednesday.

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