Indications emerged on Wednesday that the 2020 budget currently being considered by the National Assembly have been jerked up to N10.59 trillion, leaving an increment of about N260 billion.
President Muhammadu Buhari, had in his proposal laid before a joint session of the parliament, put the aggregate expenditure for the 2020 fiscal year at N10.33 trillion.
The increase was contained in the report of the committee on appropriations, laid before the House on Wednesday by the Chairman, Hon. Muktar Batara, showing that of the total sum, N560,470,827,235 (Five Hundred and Sixty Billion, Four Hundred and Seventy Million, Eight Hundred and Twenty-Seven Thousand, Two Hundred and Thirty – Five Naira) only, is for Statutory Transfers.
Also, N2,725,498,930,000 (Two Trillion, Seven Hundred and Twenty – Five Billion, Four Hundred and Ninety – Eight Million, Nine Hundred and Thirty Thousand, Naira) only, is for Debt Service, N4,842,974,600,640 (Four Trillion, Eight Hundred and Forty – Two Billion, Nine Hundred and Seventy -Four Million, Six Hundred Thousand, Six Hundred and Forty Naira) only, is for Recurrent (Non-Debt) Expenditure, while the sum of N 2,465,418,006,955 (Two Trillion, Four Hundred and Six – Five Billion, Four Hundred and Eighteen Million, Six Thousand, Nine Hundred and Fifty – Five Naira) only, is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 day of December, 2019.
President Buhari had proposed statutory transfers of N556.7 billion, non-debt recurrent expenditure of N4.88 trillion and N2.14 trillion of capital expenditure (excluding the capital component of statutory transfers)’ while he pegged Debt services at N2.45 trillion and, provision for Sinking Fund to retire maturing bonds issued to local contractors at N296 billion.
The House, in a committee of supply may consider and adopt the report during plenary on Thursday.
