IN DETAIL: 2020 budget — fastest since 1999 - Nigerian News, Latest Nigeria In News. Nigeria News. Your online Nigerian Newspaper.

The house of representatives has passed the 2020 appropriation bill of N10.59 trillion.

The lower legislative chamber passed the budget at Thursday’s plenary session after considering the report of its committee on appropriations presented by Muktar Betara, the chairman.

The senate earlier approved the same estimates for the 2020 fiscal year, making this appropriation bill the fastest to be passed since 1999. The bill was treated within 60 days.

The budget was increased by N260 billion from N10.33 trillion as contained in the proposal submitted by President Muhammadu Buhari on October 8.

Recurrent expenditure took the lion’s share of N4.84 trillion while capital expenditure and statutory transfers got N2.46 trillion and N560.47 billion respectively.

Nigeria’s debt — which currently stands at N25.7 trillion — will be serviced by N2.72 trillion during the year.

The sum of N1.5 billion was allocated for “federal government intervention in Zamfara, Katsina and Borno” while N20 billion was earmarked for “special intervention fund” and another N25 billion for the Nigerian navy’s “Falcon Eye” project aimed at tackling piracy and other criminal activities in waterways.

Some of the key highlights of the budget are: N46 billion for presidency; N110 billion for National Judicial Council; N111.7 billion for Universal Basic Education; N128 billion for national assembly; N40 billion for the Independent National Electoral Commission (INEC); N38 billion for North East Development Commission; and N80 billion for Niger Delta Development Commission.

Also, N75 billion was allocated for the fight against Boko Haram and other operations of the armed forces; N65 billion for amnesty programme; N350 billion (recurrent) earmarked for special intervention programme; N20 billion for contributions to international organisations; and N22.7 billion for immunisation.