House Of Reps Increases 2020 Budget To N10.6tn

The 2020 Appropriation Bill has been increased by the House of Representatives from N10.33 trillion to about N10.6 trillion.

Naijaparry understands that the House Committee on Finance proposed the new figure during plenary on Wednesday.

The Committee is scheduled to lay its report on the national budget at the plenary today, Wednesday, December 4.

A total budget sum of N10,594,362,364,830 was proposed by the committee.

Below is the report breakdown as presented by the Senate Committee:

Total sum: N10,594,362,364,830
N560,470,827,235 for Statutory Transfers
N2,725,498,930,000 for Debt Service
N4,842,974,600,640 for Recurrent (Non-Debt) Expenditure
N2,465,418,006,955 for contribution to the Development Fund for Capital Expenditure

The committee also recommended that the current 2019 budget terminates on December 31, 2020.

President Muhammadu Buhari had on October 8, 2019, presented the appropriation bill to a joint session of the National Assembly.

There are plans by the National Assembly to pass the bill before Christmas, as to reset the nation’s budget pattern.