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Thursday 11 June 2020

Senate passes revised 2020 budget of N10.8 trillion

The Senate has passed the revised 2020 budget of N10.8 trillion. The budget was passed this morning Thursday, June 11 during plenary.

The passage of the budget comes a day after the House of Representatives passed the same figure as the 2020 budget. The lawmakers increased the budget by N300 billion from N10.5 trillion. The budget was initially passed in December but the executive sent it back to National Assembly after the executive reworked it to reflect the current economic realities.

According to the new budget, N500 billion was allocated as an intervention fund for COVID-19 while N186 billion was earmarked for the health sector.

In the revised budget, N422 billion was fixed for statutory transfers, N4.9 trillion for recurrent expenditure and N2.4 trillion is for capital expenditure.

The budget will now be sent to the President for his assent.

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