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Senate, Reps pass 2020 budget with significant increase

The Senate and House of Representatives approved the 2020 budget with a significant increase.

Latest Nigeria News has deduced that the National Assembly is one of the main beneficiaries of the increase.

The President proposed N10.33 trillion while the allocation committees in both houses recommended N10.59 trillion.

The budget breakdown has revealed that since the N263 billion increase, the National Assembly has increased its budget from N125 to N128 billion.

On Thursday the Chamber approved the harmonized version, previously approved by the Senate.

The Chamber has also approved a motion to ensure that the budget is executed from 1 January to 31 December 2020.

Speaking on the increment, the Chairman of the Committee on Appropriations, Muktar Batera disclosed that it is to ensure social intervention.

The new budget appropriated N110billion for the Judiciary, Niger-Delta Development Commission got N808 billion.

Similarly, the Senate also increased Oil Benchmark Price to $57 per barrel as against the proposed $55 but maintained the daily Crude Oil Production rate at 2.18 million per barrel, GDP Growth Rate 2.93 per cent, Inflation Rate 10.81 per cent and Exchange Rate 305/US$1 as proposed by the Executive.

Presenting the report, Senator Jibrin Barau said the increase of N90bn in the budget is to cater for security challenges in the country, packages for lawmakers and support for Zamfara State.

President Muhammadu Buhari presented the budget on 8th October ,2019 which the 9th Senate said it would pass the budget before end of the year in order to revert the nation’s financial year to run from January to December.

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