The House of Representatives Today, Wednesday upped the 2020 budget estimates from N10.33 trillion to N10.59 trillion, raising the figures to N260 billion.
President Mohammadu Buhari had on Tuesday, October 8, presented a N10.33 trillion budget before a joint session of the National Assembly.
The increase was contained in the 2020 budget defence report laid before the House on today, Wednesday by the Chairman of the House Committee on Appropriations, Rep. Muktar Batara-Aliyu (APC-Borno).
The report as presented before the House, reads: “A Bill for an Act to allow the issue from the merged Revenue Fund of the Federation the total sum of N10,594,362,364,830 (Ten Trillion, Five Hundred and Ninety-Four Billion, Three Hundred and Sixty–Two Million, Three Hundred and Sixty–Four Thousand, Eight Hundred and Thirty Naira) only of which N 560,470,827,235 (Five Hundred and Sixty Billion, Four Hundred and Seventy Million, Eight Hundred and Twenty-Seven Thousand, Two Hundred and Thirty–Five Naira) only, is for Statutory Transfers.
“N 2,725,498,930,000 (Two Trillion, Seven Hundred and Twenty–Five Billion, Four Hundred and Ninety – Eight Million, Nine Hundred and Thirty Thousand, Naira) only, is for Debt Service, N 4,842,974,600,640 (Four Trillion, Eight Hundred and Forty – Two Billion, Nine Hundred and Seventy -Four Million, Six Hundred Thousand, Six Hundred and Forty Naira) only, is for Recurrent (Non-Debt) Expenditure “The sum of N 2,465,418,006,955 (Two Trillion, Four Hundred and Six-Five Billion, Four Hundred and Eighteen Million, Six Thousand, Nine Hundred and Fifty – Five Naira) only, is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 day of December 2019”.
The committee also recommended that the current 2019 budget ends on December 31, 2020. Recall that President Muhammadu Buhari had proposed aggregate expenditure of N10.33 trillion for the Federal Government in 2020, comprising statutory transfers of N556.7 billion, non-debt recurrent expenditure of N4.88 trillion and N2.14 trillion of capital expenditure (excluding the capital component of statutory transfers).
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The budget estimates presented by Buhari, hinged Debt service at N2.45 trillion and put provision for Sinking Fund to retire maturing bonds issued to local contractors at N296 billion. Consequent upon the laying of the budget defence report by the Appropriations Committee, the House of Representatives may pass the 2020 budget today.
As the convention goes, on receiving the report of budget defence, the House at its next sitting will consider the report at a “Committee of Supplies”, chaired by the Deputy Speaker, before passage.
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