The Senate has passed the 2020 budget of N10.594 trillion barely two months after President Muhammadu Buhari submitted the document to the National Assembly.
The lawmakers passed the bill after the chairman of the Appropriation Committee, Barau Jibrin.
Mr. Jibrin said the committee worked concordant with the Executive for the processing of the bill.
The Senate passed the budget with the breakdown as follows:
Statutory transfer – N560,470,827,235
Debt service – N2,725,498,930,000
Recurrent expenditure – N4,842,974,600,640
Capital expenditure – N2,465,418,006,955
Fiscal Deficit – N2.28 trillion
Deficit/GDP – N1.52 percent.
He also said the ninth Senate has achieved one of its key promises to return the budget cycle to January – December.
We have done so much in a short while; we have given the Executive everything they need – budget, finance bill, MTEF, among others, he said.
Having concluded the budget defense sessions, the various committees will submit their reports to the Appropriations Committee – which will then produce a general report before the bill is passed.