The Senate and the House of Representatives on Thursday passed the revised 2020 budget of N10.505 trillion for second reading.
Moving the motion for the budget to be read a second time, Leaders of both Chambers, Senator Yahaya Abdullahi and Rep. Ado Doguwa said that N398.505 billion is for Statutory Transfers while N2.951 trillion is for Debt Service.
N4.928 trillion is budgeted for Recurrent (Non-Debt) Expenditure while the sum of N2.230 trillion is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 December, 2020.
The document has been referred to the relevant committees of the two chambers for further legislative work and to report back next Tuesday. Click to signup for FREE news updates, latest information and hottest gists everyday
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