Senate passes N10.59tr 2020 budget

Senate passes N10.59tr 2020 budget


The Senate has passed the 2020 appropriation bill.

The bill was passed after Chairman of the Appropriations Committee, Barau Jibrin, 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.

The government said it targets a revenue of N8.155 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%.