REPS INCREASE 2020 BUDGET TO N10.6 TRILLION
Nigeria's lower chamber of the National Assembly, the House of Representatives. |
The new figure has been proposed by the House Committee on Appropriation, which is scheduled to lay its report on the national budget at the plenary today (Wednesday).
The committee has recommended a total budget sum of N10,594,362,364,830.
President Muhammadu Buhari had on October 8, 2019, presented the appropriation bill to a joint session of the National Assembly.
Both the executive and the legislature plan to pass the bill before Christmas break to return Nigeria to a January-December budget cycle.
The new budget breakdown, as proposed by the House Committee on Appropriations, is as follows:
Total sum:N10,594,362,364,830
Statutory Transfers: N560,470,827,235
Debt Service: N2,725,498,930,000
Recurrent (Non-Debt) Expenditure: N4,842,974,600,640
Contribution to the Development Fund for Capital Expenditure: N2,465,418,006,955
The committee also recommended that the current 2019 budget terminates on December 31, 2020.
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