Senate Passes N10.805trn Revised Budget Into Law

The lawmakers passed the budget during plenary on Thursday, a day after members of the House of Representatives approved the same figure.

A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure has N4,942,269,241,984.

The executive also allocated N422,775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.

The passage of the revised figure, which is to be issued from the Consolidated Revenue Fund, followed the consideration of the report of the Senate Committee on Appropriations on the Appropriation Act (Amendment) Bill, 2020.

In his remarks after the budget was passed, Senate President Ahmad Lawan asked the Senate Committees to ensure strict oversight of projects contained in the 2020 budget.

He believes getting value for money is one way of ensuring that Nigerians are impacted positively through government interventions and programmes.

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Lawan said, “For us, this is one way of ensuring that Nigerians feel the presence of government through the various interventions, the programmes, and projects. We have done this, but we have other things waiting for us in relation to this.

“We are supposed to ensure that we oversight on these projects, and more especially when we have to borrow money to fund some of these projects, it is very crucial that we ensure there is value for money.”

“Every project that is mentioned here should be implemented appropriately and accordingly. So, all our standing committees should ensure that we continue to carry out our oversight”, the Senate President added.

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