Reps raise 2020 budget to ?10.6tn

The House of Representatives Committee on Appropriations on Wednesday presented the report on the 2020 Appropriation Bill to the house for consideration.

The Representatives raised the 2020 Appropriation Bill from ?10.33 trillion to about ?10.6 trillion.

The new figure has been proposed by the House Committee on Finance, 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 ?10,594,362,364,830.

Chairman of the committee, Rep. Muktar Betara (APC-Borno) presented the Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation during plenary presided over by Mr Femi Gbajabiamila.

The ?10.33 trillion budget was presented on Oct. 8 by President Muhammadu Buhari before a joint session of the National Assembly with both chambers of the assembly, assuring Nigerians of passage before the end of the year.

The report, however, reflected the total sum of ?10,594,362,364,830, indicating a change in the estimates of ?10.33 trillion earlier presented.

The report also stated that out of the over ?10.59 trillion, ?560.47 billion is for Statutory Transfers, which also indicates an increase from the estimates of ?556.7 billion initially presented.

The Debt Service also reflected an increase from ?2.45 trillion estimates to approximately ?2.725 trillion.

The Recurrent (non-debt) Expenditure was put at about ?4.843 trillion which showed a reduction from ?4.88 trillion initially presented.

Approximately ?2.465trillion is for contribution to the Development Fund for Capital Expenditure for the year ending on Dec. 31, 2020.

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