SAN FRANCISCO, June 10, (THEWILL) – The House of Representatives has passed the revised 2020 budget of N10.8 trillion.
This was done at Wednesday’s plenary session as the lawmakers raised the appropriation bill by N300 billion from the initial N10.5 trillion.
The budget was considered and passed after Mukhtar Betara, chairman of the house committee on appropriations, presented the panel’s report.
The budget had been passed in December, 2020, but the coronavirus pandemic forced the federal government to make some adjustments.
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Part of the adjustments was the allocation of N100 billion as COVID-19 intervention fund.
Allocations for various government ministries, departments and agencies (MDAs) were also slashed following the shortfall in expected oil revenue.
In the budget, N422 billion was earmarked for statutory transfers, N4.9 trillion for recurrent expenditure while N2.4 trillion is for capital expenditure.
A total of N2.9 trillion was set aside for debt servicing.
They also approved President Muhammadu Buhari’s request for $5.5 billion loan.
