Senate Passes N10.594trn 2020 Budget

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By Deji Elumoye

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.

Details later…