The Senate on
Thursday passed a N10.594 trillion budget for 2020 fiscal year, an increase of
N264 billion from the N10.330 trillion budget estimate presented to the
National Assembly by President Muhammadu Buhari on October 8.
The upper chamber after a clause by clause
consideration of the budget report by the Committee on Supply chaired by Dr
Ahmad Lawan, and at plenary passed the N10.594 trillion 2020 budget.
The breakdown of the budget include N560.47
billion for statutory transfers, N4.842 trillion for recurrent expenditure
while capital expenditure is voted N2.465 trillion.
Others are N2.725 trillion for debt servicing,
N2.28 trillion for fiscal deficit and the nation’s Gross Domestic Product (GDP)
standing at 1.52 percent.
Also on Thursday, the House of Representatives passed by the 2020 Appropriation bill of N10, 594,362,364,380.
The House increased the capital budget of the Federal Ministry of Works and Housing from N259.201 billion sent by the President to N315.563 billion, while that of Ministry of Transportation was reduced from N123.069 billion to N121.360billion.
The House also increased capital budget of the Ministry of Education from N50.946 billion to N84.728 billion, Ministry of Health was also increased by the House from N46.477 to N59.909 billion, while the budget for the Ministry for Water Resources was also increased from N78.378 billion to N91.679 billion.
Similarly, the budget of the National Assembly was increased by N3 billion from N125 billion to N128 billion, while the capital budget for Ministry of Power was reduced from N133.494 billion to N129.082 billion.