House of Reps Passes 2020 Budget

Pat Stevens/

The House of Representatives today passed the 2020 budget.

The passage of the bill followed the report presented by the Chairman, House Committee on Appropriations,

The Senate had earlier today passed the budget.

The House had received the final report of the budget from the Appropriation Committee yesterday.

The aggregate of the newly passed budget was upped to ₦10.6 trillion from the ₦10.3 trillion presented to the National Assembly by President Muhammadu Buhari on October 8.

The National Assembly also had a jerk in its budget to ₦128 billion from the ₦125 billion proposed by the president.

Of this new total, ₦560 billion was earmarked for statutory transfers, a special category of fund which the federal government is mandated to release after receiving revenues, before other considerations.

The National Assembly, Independent National Elevtoral Commission, National Human Rights Commission, Basic Health Care Fund, National Judicial Commission, Niger Delta Development Commission, NEDC, Universal Basic Education Commission and the Public Complaints Commission fall in this category.

Also, ₦2.7 trillion would be used to service debt in 2020.

In like manner, ₦4.8 trillion is to cater for recurrent (non-debt) expenditure while capital expenditure stands at ₦2.465 trillion.

See breakdown below:

Recurrent Expenditure – ₦4,842,974,600,640

Capital Expenditure — ₦2,465,418,006,955

Statutory Transfers — ₦560,470,827,235

Debt Service — ₦2,725,498,930,000

Aggregate Expenditure — ₦10,594,362,364,830

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