Nigerian Senate Passes 2020 Revised Budget Based On $28/bbl Oil

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The Nigerian Senate yesterday passed the sum N10.805 trillion (or $29.92 billion) as revised budget for the 2020 fiscal year.
The Coronavirus pandemic and a sharp fall in global oil prices prompted the Nigerian government to alter its budget twice in three months.

The revised budget, now bigger than the N10.59 trillion level previously approved, is expected to be sent back to President Muhammadu Buhari to pass into law after he has agreed to any changes.
The passage of the bill on Thursday in Abuja, followed consideration of the report of the Senate Committee on Appropriations on the Appropriation Act (Amendment) Bill, 2020.
Accordingly, 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; N2,951,710,000,000 is for Debt Service; N4,942,269,251,934 is for Recurrent (Non-Debt) Expenditure; and N2,488,789,433,344 is for contribution to the Development Fund for Capital Expenditure.
The Senate President, Ahmad Lawan, in his remarks after the budget was passed, charged Senate Committees to ensure strict oversight of projects contained in the 2020 budget.
According to him, getting value for money is one way of ensuring that Nigerians are impacted positively through government interventions and Programmes.
“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 said.

Chibisi Ohakah, Abuja

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