2020 Fiscal Year: Senate passes N10.8trn revised budget

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Following series of deliberations, occasioned by the outbreak of COVID-19 pandemic in Nigeria, the Senate on Thursday passed the sum N10.805 trillion as revised budget for the 2020 fiscal year.

The passage followed consideration of the report of the Senate Committee on Appropriations on the Appropriation Act (Amendment) Bill, 2020.

The Bill was read the third time and passed by the Senate.

A breakdown of the development shows that the sum of N10,805,544,664,642 will be issued from the Consolidated Revenue Fund, N422,775,979,362 is for Statutory transfers; N2,951,710,000,000 is for Debt Service; N4,942,269,251,934 is for Recurrent (Non-Debt) Expenditure; and N2,488,789,433,344 is for contribution to the Development Fund for Capital Expenditure .

READ ALSO: Breaking: Senate moves to revise 2020 budget tomorrow

Meanwhile, President of the Senate, Senator Ahmad Lawan, in his remarks shortly after the passage, charged the Senate Committees to ensure strict oversight of projects contained in the 2020 budget, said that getting value for money is one way of ensuring that Nigerians are impacted positively through government interventions and Programmes.

Lawan said, “For us, this is one way of ensuring that Nigerians feel the presence of government through the various interventions, the programmes and projects.

“We have done this, but we have other things waiting for us in relation to this. We are supposed to ensure that we oversight on these projects, and more especially when we have to borrow money to fund some of these projects, it is very crucial that we ensure there is value for money.”

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