The Senate has passed the 2020 appropriation bill, a day after the appropriation report was presented by the chairman of the Senate Committee on Appropriation, Barau Jibrin.
The budget was increased from N10.33 trillion presented by President Muhammadu Buhari on October 8 to N10.6 trillion (10,594,362,364,830).
In the report presented by Mr Jibrin, N560.47 billion is for statutory transfers (a category into which the National Assembly budget falls).
While the Senate maintained Nigeria’s daily oil production rate at 2.18 million per barrel, it, however, increased the Oil Benchmark Price to $57 per barrel against the $55 proposed by the Executive.
The committee retained the inflation rate at 10.81 per cent and the exchange rate at N305-$1 as proposed by the executive. It also retained GDP Growth Rate at 2.93 per cent as proposed.
Mr Jibrin said the committee worked harmoniously with the Executive for the processing of the bill.
The breakdown
The budget breakdown shows:
Statutory transfer – N560,470,827,235
Debt service – N2,725,498,930,000
Recurrent expenditure – N4,842,974,600,640
Capital expenditure – N2,465,418,006,955
Fiscal Deficit – N2.28 trillion
Deficit/GDP – N1.52 per cent
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