The Senate on passed the 2020 Budget of N10.594 trillion today 6th thursday 2019 , as against N10.33trillion presented to the National Assembly by President Muhammadu Buhari.
The usage of the budget represents the record breaking and a deviation from what was obtained in the 8th National Assembly in which budget were passed almost eight months after it was presented.
Senator Barau Jibrin Chairman of Senate Committee on Appropriation reveals that
the increase of N264 billion into the budget allowed for interventions in critical areas such as national security, road infrastructure mines and steel development, health among others.
He further state that, statutory transfer stood at N560.5 billion, Recurrent Expenditure at N4.8 billion, Capital Expenditure at N2.5 billion, Debt Servicing at N2.7 billion, Fiscal Deficit at N2.3 trillion and Deficit to GDP of 1.52 per cent.
The breakdown of the budget as passed by Senate is as follows:
Quote
Aggregate Expenditure- N10.594trillion
Statutory transfers– N560 billion
Debt service – N2.725 trillion
Recurrent expenditure – N4.842 trillion
Capital expenditure – N2.465 trillion.
Fiscal Deficit N2.28 trillion
Deficit to GDP 1.52 per cent
Oil production 2.18 mbpd
Oil benchmark $57 per barrel
Statutory transfers– N560 billion
Debt service – N2.725 trillion
Recurrent expenditure – N4.842 trillion
Capital expenditure – N2.465 trillion.
Fiscal Deficit N2.28 trillion
Deficit to GDP 1.52 per cent
Oil production 2.18 mbpd
Oil benchmark $57 per barrel
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