Senate Passes 2020 Budget

The Senate has passed the 2020 appropriation bill.

The upper during its plenary session on Thursday passed the 2020 Budget of N10.594 trillion, as against N10.33trillion presented to the National Assembly by President Muhammadu Buhari, a difference of N264billion.

The passage of the bill followed the consideration and adoption of the budget report of the Senate Committee on Appropriation chaired by Senator Jibrin Barau.

While presenting his report at plenary, Barau said the committee adopted the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) as approved by the National Assembly.

According to him, the committee worked in line with the Executive in the consideration of the Bill especially in additional revenue projection to fund critical projects.

Speaking on the increase in the budget, the lawmaker said it was to allow for interventions in areas like national security, road infrastructure, mines and steel development, health, social needs among others.

Following a clause-by-clause consideration of the report, at the Committee of the Whole, the Senate passed the Bill.

Senate President Ahmad Lawan, therefore thanked his colleagues for their efforts on the budget. He noted that the success recorded on the budget was in conjunction with the House of Representatives.

He also expressed satisfaction that the ninth Senate has achieved one of its key promises to return the budget cycle to January -December.

“We have done so much in a short while. We have given the executive everything they need – budget, finance bill, MTEF, among others,” Lawan said.

Speaking further, the National Assembly leader said the upper chamber will interact with Ministries, Departments and Agencies (MDAs) on a quarterly basis to monitor the implementation of the budget.

“We hope that with this budget passed, the executive will ensure full implementation for the benefit of all Nigerians,” Lawan said.

He said the National Assembly has provided the executive what it needed to implement the budget and would take its oversight duties very seriously.

He also said the legislature would ensure that Nigerians get what they desire from the government.

The breakdown of the budget as passed by Senate is as follows:

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