Reps pass 2020 Revised Budget, raise estimates to N10.805trn

…As Senate considers proposal today

The House of Representatives has passed the 2020 revised budget, increasing the proposed sum from N10.509 trillion to N10.805 trillion.

This makes a N296 billion difference from the amount sent by President Muhammadu Buhari.

The new budget is also N211 billion higher than the N10. 594 trillion passed by the legislature in December 2019 before it was revised to N10.509 trillion against the backdrop of the Covid-19 pandemic.

Though the report of the Committee on Appropriation had provided N10.801 trillion for the revised budget but during consideration, N4 billion was added to take care of hazard and other welfare packages for residents doctors not hitherto captured.

The budget was passed, yesterday, at plenary after clause by clause consideration of the report of the Committee on Appropriation by the Committee of Supply chaired by the Speaker, Mr Femi Gbajabiamila.

In his brief explanation during consideration of the budget, Chairman of the Committee on Appropriation, Muktar Betara said, the increase in the revised budget was for interventions to cushion the effects of the Covid-19 pandemic on the country.

Also, N4.938 trillion was allocated to recurrent (non-debt) expenditure while N2.488 trillion is for contribution to the development fund for capital expenditure.

Under the statutory transfers, the National Judicial Council, NJC, took N110 billion; Niger-Delta Development Commission, NDDC, N44.200 billion; Universal Basic Education, N51.120 billion and National Assembly gulped N128 billion.

Furthermore, Public Complaints Commission took N4.700 billion; Independent National Electoral Commission, INEC, got N36 billion; National Human Rights Commission, got N2.250 billion; North East Development Commission got N20.944 billion while Basic Health Care Fund got N25.560 billion.

Out of the N2.951 trillion allocation for debt service, domestic debts got N1. 873 trillion, foreign debts took N805. 470 billion and Sinking Fund to Retire Maturing Loans was allocated N272. 900 billion.

The House also approved President Muhammadu Buhari’s request to borrow $5.513 billion to finance the deficit in the 2020 budget.

A breakdown of the loan indicated that the Federal Government intends to borrow $3.4 billion from the International Monetary Fund, IMF, for rapid financing instrument; $1,5billion from the World Bank for development policy financing; $500 million from the African Development Bank for Covid-19 crises response budget support operation and $113 million from the Islamic Development Bank, ISDB, to part finance the 2020 revised budget deficit.

Meanwhile, the Senate is to consider 2020 Revised Budget today.

Disclosing this yesterday in Abuja during plenary after the Committee on Appropriation laid the report on the 2020 revised budget, President of the Senate, Senator Ahmad Lawan, said, “Tomorrow (today), we can receive and consider the report to ensure that we don’t delay anything as important as that. So, this is the essence of altering the order paper.”

Recall that Senate had on Tuesday deferred presentation of the report over a delay by the Minister of Finance, Budget and National Planning, Zainab Ahmed, to provide details for the sum of N186 billion, an amount which is part of the N500 billion COVID-19 intervention fund.