The senate has passed the 2020
appropriation bill.
The bill was passed after Barau
Jibrin, chairman of the appropriations committee, moved a motion for its
passage.
The figure passed as the total
expenditure for 2020 by the upper legislative chamber is higher than what
President Muhammadu Buhari proposed by N260 billion.
The increase puts the total sum
of the government’s expenditure at N10.59 trillion.
On October 8, Buhari presented a
budget proposal of N10.33 trillion to a joint session of the national assembly.
Presenting his report on
Thursday, Barau said the key assumptions for the 2020 budget are 2.18 million
barrels as daily production of crude and $57/barrel as benchmark price.
Contributing to the debate, Ike
Ekweremadu, senator representing Enugu west, said they should have “done better
in some areas”.
“I would like to thank the
committee and leaders of the national assembly for making this possible,”
Ekweremadu said.
“In looking at this budget there
were a lot of constraints and we would have also done better in some areas.”
Speaking on the budget, Stellah
Oduah, senator representing Anambra north, said it is commendable that security
has the “lion’s share”.
Thereafter, the lawmakers voted
on the clauses of the bill in the committee of supply and it was passed after a
voice vote.
The government said it targets a
revenue of N8.155 trillion/N2.64 trillion from oil, N1.8 trillion from non-oil
tax revenue and N3.7 trillion from other sources.
The estimates are based on the
new value added tax (VAT) rate which was increased from 5% to 7.5%.
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