The House of Representatives, which is the lower chamber of the bicameral National Assembly, has passed a 10,594,362,364,830 naira 2020 budget.
This took place on Thursday during plenary where the lawmakers insisted on a straight-run budget cycle – from 1st January to 31st December 2020, thereby returning the country to the January to December budget cycle.
Ministry of works – 315,563,564,269 naira (being the highest capital allocation)
Education – 84,728,529,572 naira.
Health sector – 59,909,430,837 naira.
The national assembly also increased its budget from 125 billion to 128 billion.
Further breakdown of the budget revealed that 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.
He said the National Assembly would ensure that Nigerians get what they desired from government.
The senate, thereafter, adjourned plenary till Tuesday, Oct. 10.