BUSINESS NEWS

NASS passes N10.8trn revised budget for 2020

NEWSMAN, Abuja – The  National Assembly has passed the sum of N10.805 trillion as revised budget for the 2020 fiscal year.

The passage followed consideration of the report of the Senate and House Committees on Appropriation on the Appropriation Act (Amendment) Bill, 2020. While the House of Representatives passed their version on Wednesday, the Senate passed their version on Thursday.

Accordingly, out of the sum of N10,805,544,664,642 to 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 . 

President of the Senate, Ahmad Lawan, in his remarks after the budget was passed, charged Senate Committees to ensure strict oversight of projects contained in the 2020 budget.

According to him, getting value for money is one way of ensuring that Nigerians are impacted positively through government interventions and Programmes. 

“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.

“Every project that is mentioned here should be implemented appropriately and accordingly. So, all our standing Committees should ensure that we continue to carry out our oversight”, the Senate President said.

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