House of Representatives pass revised 2020 budget of N10.8trn

House of Representatives pass revised 2020 budget of N10.8trn

The House of Representatives has passed the revised 2020 Federal budget of N10.8 trillion from the initial N10.5 trillion submitted by the president.

The Executive had written to the lawmakers for a downward review of the budget from N10.6 trillion to N10.5 trillion based on the global economic realities as a result of the Coronavirus pandemic. The lawmakers however increased the budget to N10.8 billion, higher than the initial approved budget.

Based on the revised appropriation as passed by the house, statutory transfers also known as the first line charge (a category into which the National Assembly budget falls), was increased from N398 billion (398,505,979,362) to N422 billion (N422,775,979,362).

Others are N2.6 trillion for debt service and N2.9 trillion for sinking funds.

The lawmakers also inserted an additional N4bn for the welfare of members of the National Association of Resident Doctors who have threatened strike.

The lawmakers have also approved the $5.51 billion loan the President requested for to finance the deficit in the 2020 budget and support the critical projects from the state and Federal Government.

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