Adedayo Akinwale ín Abuja
The House of Representatives has increased the 2020 budget proposal from ₦10.33 trillion to ₦10.59 trillion.
The report was laid before the House at the plenary on Wednesday by the Chairman, House Committee on Appropriation Committee, Hon. Muktar Batara.
The report which was read by the Speaker of the House, Femi Gbajabiamila, said: “A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the federation, the total sum of ₦10,594,362,364,830 of which ₦560,470,827,235 is for Statutory Transfers;₦2,725,498,930,000 is for Debt Service; ₦4,842,974,600,640 for Recurrent (Non-Debt) Expenditure while the sum of ₦2,465,418,006,955 is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 day of December, 2020.”
President Muhammadu Buhari had on October 8 presented a proposed budget of N10.33 trillion for 2020 budget.
The expenditure estimate as presented by the President included: statutory transfers of N556.7 billion, non-debt recurrent expenditure of N4.88 trillion and N2.14 trillion of capital expenditure (excluding the capital component of statutory transfers). Debt service is estimated at N2.45 trillion, and provision for Sinking Fund to retire maturing bonds issued to local contractors is N296 billion
