JUST IN: Senate Passes 2020 Budget

The Senate has passed the 2020 appropriation bill.

The total sum of the government’s expenditure was put at N10.59 trillion.

President of the Senate, Ahmad Lawan had announced on Wednesday that the budget before the parliament would be passed today, December 5.

The figure passed as the total expenditure for 2020 by the upper legislative chamber is higher than what President Muhammadu Buhari proposed by N260 billion.

Nigerian Senate

President Buhari had on October 8 presented a budget proposal of N10.33 trillion to a joint session of the national assembly.

The bill was passed on Thursday after Chairman of the Appropriations Committee, Barau Jibrin, moved a motion for its passage.

Presenting his report on Thursday, Barau said the key assumptions for the 2020 budget are 2.18 million barrels as daily production of crude and $57/barrel as benchmark price.

The Federal Government said it targets a revenue of N8.155 trillion; N2.64 trillion from oil, N1.8 trillion from non-oil tax revenue and N3.7 trillion from other sources.

The estimates are based on the new value added tax (VAT) rate which was increased from 5% to 7.5%.

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