Reps increase 2020 budget to N10.6tn

The House of Representatives has raised the 2020 Appropriation Bill from N10.33 trillion to about N10.6 trillion.

The new figure has been proposed by the House Committee on Appropriation, which is scheduled to lay its report on the national budget at the plenary today (Wednesday).

The committee has recommended a total budget sum of N10,594,362,364,830.

President Muhammadu Buhari had on October 8, 2019, presented the appropriation bill to a joint session of the National Assembly.

Both the executive and the legislature plan to pass the bill before Christmas break to return Nigeria to a January-December budget cycle.

The new budget breakdown, as proposed by the House Committee on Appropriations, is as follows:

Total sum: N10,594,362,364,830

N560,470,827,235 for Statutory Transfers

N2,725,498,930,000 for Debt Service

N4,842,974,600,640 for Recurrent (Non-Debt) Expenditure

N2,465,418,006,955 for contribution to the Development Fund for Capital Expenditure

The committee also recommended that the current 2019 budget terminates on December 31, 2020. Punch