Breaking: Senate okays 2020 budget

The 2020 Appropriation Bill has been okayed by the Senate, the Senate on Thursday also jerked the 2020 budget to N10.594trn

Budget

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2020 Appropriation Bill (SB. 80) is read the THIRD time and PASSED.#TodayInSenatePlenart

— The Nigerian Senate (@NGRSenate) December 5, 2019

The Senate, on Thursday at plenary, passed the 2020 budget of N10.594 trillion as against N10.33 trillion presented by President Muhammadu Buhari on Oct. 8.

The passage followed the consideration and adoption of the report of Senate Committee on Appropriation.

President Buhari had on Oct. 8, presented the 2020 budget of N10.33 trillion to the joint session of the National Assembly for approval.

The budget was accompanied by the Finance Bill which the President also presented to the National Assembly for consideration and passage.

Presenting the report of the Appropriation Committee at plenary, Committee Chairman, Sen. Barau Jibril(APC-Kano), said the committee adopted the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) as approved by the National Assembly.

He said the committee worked harmoniously with the Executive in processing the bill especially in additional revenue projection to fund critical projects.

He said the increase in the budget was to allow for interventions in areas like national security, road infrastructure, mines and steel development, health, social needs among others.

Following clause-by clause consideration of the report, at the Committee of the Whole, the Senate having resolved back to plenary passed the 2020 Appropriation Bill.

The breakdown of the budget is, Aggregate Expenditure, N10.594 trillion, Statutory transfers, N560 billion, Debt service,  N2.725 trillion, Recurrent Expenditure, N4.842 trillion, Capital Expenditure, N2.465 trillion, Fiscal Deficit, N2.28 trillion and Deficit/GDP 1.52 per cent.

The lawmakers adopted a daily crude production rate of 2.18 million barrels, as proposed by the executive.

It, however, adopted 57 dollars oil benchmark as against the executive proposal of 55 dollars.

President of the Senate, Ahmad Lawan, thanked his colleagues for their efforts on the budget, saying the success recorded was in conjunction with the House of Representatives.

He said the National Assembly has provided the executive what it needed to implement the budget.

Lawan expressed hope that the implementation of the budget would be faster, noting that the National Assembly would do well in its oversight functions.

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He said the National Assembly would ensure that Nigerians get what they desired from government.

Speaking after the passage of the 2020 Budget, Senator Ike Ekweremadu said: “I will like to thank the Committee and leaders of the National Assembly for making this possible. In looking at this budget there were a lot of constraints and we would have also done better in some areas.”

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“The first is the exchange rate, the next year budget should also find a way of addressing unemployment. Nigeria has not shown interest in environmental issues and this year has about N9billion for the whole of environment.’

“We need to do something about security and provide for those key sectors and provide a safe atmosphere for people to go about their business. I move that this Bill be fully considered and passed today.”

Also the Senate President Ahmad Lawan said that: “This could not have been possible without the efforts all of you have put. When we came in, all of us approved our legislative agenda which was to ensure we take back our budget cycle to a cycle that could easily be defined and to something that could easily be bought into.

Today we have been able to achieve this. I must give members of the 9th @nassnigeria the credit. Let me also commend the executive arm of government. We pray that the executive is able to implement the budget fully.”

“Once again I want to congratulate all of us here and I hope we continue to work together as colleagues to ensure the 2020 budget is fully implemented.” said the Senate President, DrAhmad Lawan

Senator Rochas Okorocha on his part said: ‘What is important is the immediate execution of this budget. The issue of oversight should be non-negotiable . We should remind the executive that in this 9th Senate we will take the issue of oversight more serious.”

Senator Stella Oduah commenting on the 2020 budget said: ‘This appropriation prioritizes what we are all clamoring for and that is security. If you look at the budget, the security takes a lion share. I want to commend the Committee and urge my colleagues to support this wonderful Bill.”

The senate, thereafter, adjourned plenary till Tuesday, Oct.