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Monday, May 27, 2024

BREAKING: Senate passes N10.8trn revised 2020 budget

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The Senate on Thursday passed the revised 2020 budget of N10.8 trillion, the exact amount approved by the House of Representatives on Wednesday.

The budget was passed at both the Senate plenary and at the Committee of Supplies following the consideration of the report of the Senator Barau Jibri led Committee on Appropriation.

The Senate increased the budget size of N10.5trn presented to it by the executive by about N300bn.

The sum of N500 billion was passed in the budget as an intervention fund for COVID-19, while N186 billion was earmarked for the health sector.

The sum of N422 billion was for statutory transfers, while N4.9 trillion was for recurrent expenditure.

Capital expenditure gulped N2.4 trillion while N2.9 trillion was earmarked for debt servicing.

Details later….

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