President Buhari and Ahmed Lawan
President Buhari and Ahmed Lawan

NASS transmits 2020 budget to Buhari for assent

NEWS DIGEST – The National Assembly has transmitted the 2020 Budget Appropriation Bill to President Muhammadu Buhari for his final assent.

Umar el-Yakub, the Senior Special Assistant to the president on legislative matters, House of Representatives, confirmed the development on Thursday, saying that the President would take his time scrutinize the Bill before appending his signature.

Recall that the 2020 budget was passed into by the upper legislative chamber last week, following the presentation of a report by the chairman of the Senate Committee on Appropriation, Barau Jibrin.

The budget was increased from N10.33 trillion as presented by Mr Buhari on October 8 to N10.6 trillion (10,594,362,364,830).

While the Senate maintained Nigeria’s daily oil production rate at 2.18 million per barrel, it, however, increased the oil benchmark 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.

In a breakdown, N560,470,827,235 was allocated for Statutory transfer, N2,725,498,930,000 for Debt service and N4,842,974,600,640 for Recurrent expenditure

Others include N2, 465,418,006,955 for Capital expenditure, N2.28 trillion for Fiscal Deficit and N1.52 per cent for Deficit/GDP.