News

Nigerian Senate Passes N10.8trn Revised 2020 Budget

senate

The Nigerian Senate has passed the revised 2020 budget of N10.8 trillion, the exact figure endorsed by the House of Representatives on Wednesday.

The budget was passed on Thursday at both the Senate plenary and at the Committee of Supplies after consideration of the report of the Senator Barau Jibri-led Committee on Appropriation, The PUNCH reports.

However, the Red Chamber increased the budget size of N10.5 trillion presented to it by the executive by about N300 billion.

The sum of N500 billion was passed in the budget as an intervention fund for COVID-19, while N186 billion was earmarked for the health sector.

The sum of N422 billion was for statutory transfers and N4.9trillion for recurrent expenditure.

Capital expenditure will take N2.4 trillion, while N2.9 trillion was set aside for debt servicing.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: