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Nigerian Senate Passes The Revised N10.8 Trillion 2020 Budget

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Nigerian Senate Passes The Revised N10.8 Trillion 2020 Budget

Nigerian Senate on Thursday passed the sum N10.805 trillion as the revised budget for the 2020 fiscal year.

The reduction in the budget cost is as a result of the coronavirus pandemic and oil price plunge which has triggered a decline in growth and large financing needs of the country as well as weakening the naira currency.

The breakdown shows that out of the sum of N10,805,544,664,642 to be issued from the Consolidated Revenue Fund, N422,775,979,362 is for statutory transfers

Also, N2,951,710,000,000 is for Debt Services while N4,942,269,251,934 is for Recurrent (Non-Debt) Expenditure.

The sum of N2,488,789,433,344 is for contribution to the Development Fund for Capital Expenditure.

The Senate President, Ahmad Lawan, charged committees to ensure strict oversight of projects contained in the 2020 budget.

Sen. Lawan stated that the value for money is one way of ensuring that Nigerians are impacted positively through government interventions and Programmes.

“We are supposed to ensure that we oversee these projects. When we have to borrow money to fund some of these projects, it is very crucial that we ensure there is value for money.”

He also stated that every project mentioned should be implemented appropriately and accordingly.

Sen. Lawan further urged all standing committees to ensure effective and thorough monitoring of spendings and projects.

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Teo-Inspiro International is a media production company that is changing the narrative by empowering young people with digital skills to showcase the beauty of Africa. We provide photography and video coverage for events, produce films and documentaries that tell the African story and organize training programs on camera handling.

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