The National Assembly has raised its budget allocation for 2020 from N125bn to N128bn.
Earlier, the House of Representatives Committee on Appropriations made the recommendation in its report on the 2020 Appropriation Bill which was passed on Thursday, December 5th.
This increment forms part of the increase in the size of the national budget, which has been raised from the proposed N10.330,416,607 to N10.594,362,364.
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On October 8, 2019, N125bn was proposed for the Parliament under statutory transfers, this formed part of the appropriation bill laid by President Muhammadu Buhari before a joint session of the National Assembly.
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In passing the budget, the representatives insisted that the 2020 budget will run from 1st January to 31st December 2020, thereby returning the country to the January to December budget cycle.
Also increased within the 2020 budget was the benchmark price of crude from 55$ to 57$. However, the exchange rate at N305 to 1$ was retained.
Senator Ibrahim Jibrin, the Senate chairman committee on appropriations explained that budget figures were increased to allow for interventions in critical areas of national security, road infrastructure, health, social needs, water as well as mines and steel development. (Channels TV).
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