National Assembly Passes 2020 Budget

Both the Senate and House of Representatives have finally passed the 2020 appropriation bill.

Both chambers approved n10.59 trillion expenditure, raising the n10.33 trillion bill submitted by President Muhammadu Buhari last October 8, by n264 billion.

The bill expenditure is to be financed by the production of 2.18 million barrels of crude daily, the oil benchmark price which was raised from $55 per barrel submitted by Buhari to $57.

Also, the national assembly fix the exchange rate of the Naira at n305 to a dollar.

The bill was passed after a clause-by-clause consideration of the committee set up to collate reports of AD-HOC committees on the appropriation bill.

The approved appropriation bill, include n4.842 trillion for recurrent expenditure, n2.465 trillion for capital votes, and n2.72 trillion for servicing of debts.

Other expenditures in the bill are n560.4 billion for statutory transfer, and n2.28 trillion for fiscal deficit.

 

READ ALSO]Ogun Assembly Begins 2020 Budget Consideration Next Week

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