You are here: HomeNews2020 05 28Article 359545

Business News of Thursday, 28 May 2020

Source: www.mynigeria.com

Bill to amend 2020 Appropriations act passes second reading

Buhari signing 2020 budget Buhari signing 2020 budget

A Bill for an act to amend the Appropriations Act, 2020 to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of N10,509,654,033,053 (N10.5 trillion naira) has passed second reading.

Out of the N10.5 trillion naira, N398,505,979,362 (Three Hundred and Ninety-Eight Billion, Five Hundred and Five Million, Nine Hundred and Seventy-Nine Thousand, Three Hundred and Sixty-Two Naira) only, is for statutory transfers while N2,951,710,000,000 (Two Trillion, Nine Hundred and Fifty-One Billion, Seven Hundred and Ten Million Naira) only, is for debt service.

Recurrent expenditure is budgeted to be N4,928,525,467,849 (Four Trillion, Nine Hundred and Twenty- Eight Billion, Five Hundred and Twenty-Five Million, Four Hundred and Sixty-Seven Thousand, Eight Hundred and Forty-Nine Naira) only (Non-Debt Expenditure).

While the sum of N2,230,912,585,842 (Two Trillion, Two Hundred & Thirty Billion, Nine Hundred & Twelve Million, Five Hundred & Eighty - Five Thousand, Eight Hundred and Forty-Two Naira) only, is for contribution to the Development Fund for Capital Expenditure.