SWITZERLAND, JUNE 11 – The Nigerian Senate on Thursday, passed the revised 2020 budget of N10.8 trillion, after adding N5 billion, to increase it from N10.805 trillion to N10.810 trillion.
The budget was passed at both the Senate plenary and at the Committee of Supplies following the consideration of the report of the Senator Barau Jibri-led Committee on Appropriation.
The Senate had earlier increased the budget size of N10.5 trillion presented to it by the executive by about N300 billion.
The sum of N500 billion was also passed in the budget as an intervention fund for COVID-19, while N186 billion was earmarked for the health sector.
The sum of N422 billion was for statutory transfers and N4.9trillion for recurrent expenditure.
Capital expenditure gulped N2.4 trillion while N2.9 trillion was earmarked for debt servicing.
According to the Senate, it was necessary to amend the budget size and statutory transfer specifically on the $3 per barrel increase following the increase of oil benchmark from $25 per barrel to $28 per barrel.
The total budget size is therefore increased by N5,256,207,430 from N10,805,544, 664,642 to N10,810,800,972,72.