Connect with us

Business

National Assembly sends 2020 budget to presidency

Published

on

2020 budget to be passed on November 28

The National Assembly has passed on the 2020 budget to the presidency for final assent. According to reports, this was confirmed Thursday night by Umar el-Yakub, the Senior Special Assistant to the president on National Assembly Matters (House of Representatives).

In his reply to a question as to whether 2020 Appropriation Bill has been transmitted to President Muhammadu Buhari and when, he said “Correct, today.”

Mr el-Yakub went further to say: “And I am sure you know that the President will take his time to look at it all through before assent.”

On 6 December, 2019, the presidency disclosed that the president together with the Federal Executive Council would subject the 2020 budget passed by the National Assembly to scrutiny on Thursday.

Read also: Fuel Subsidy will cost Nigeria N751bn in 2020

Presidential spokesman, Garba Shehu, disclosed that the scrutiny would enable them detect if the lawmakers had padded the estimates in the budget.

In passing the 2020 Appropriation Bill to law on 5 December 2019, the two Chambers had upped the total estimates from the N10.33 trillion proposed to N10.6 trillion. They, however, added a clause to the document, stating that the budget would become operational from 1 January, 2020, restoring the country to the January to December budget cycle.

In the new total sum of N10,594,362,364,830, the National Assembly jacked statutory transfer up from the N556.7 billion proposed to N560,470,827,235. It also increased debt service from N2.45 trillion to N2,725,498,930,000, slashed recurrent (non-debt) expenditure from N4.88 trillion to N4,842,974,600,640; and raised development fund for capital expenditure from N2.14 trillion to N2.465,418,006,955.

The National Assembly increased its own budget from N125 billion to N128 billion as part of the N264 billion increment.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations