Reps raise 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.

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.