The 2020 budget of Nigeria was on Thursday, December 2019 passed by the Senate. The budget which was presented by President Muhammadu Buhari is N264 billion lower than the N10.594 trillion passed by the Senate.
The approval of the budget by the Senate followed the adoption of the report of Senate Committee on Appropriation at plenary on Thursday.
Senator Barau Jibrin while presenting the report said the increase of N264bn in the budget was to allow for interventions in critical areas such as national security, road infrastructure, mines and steel development, health, social needs, and water among others.
According to him, N560.4bn was earmarked for statutory transfers while N2.725 trillion stood for local and foreign debts service.
He noted that recurrent expenditure, that is, non-debt, stood at N4.842 trillion while the sum of N2.465 trillion is for contribution to the Development Fund for Capital expenditure for the 2020 fiscal year.
Fiscal Deficit in the budget approval stands at N2.28 trn or 1.52 per cent of the gross domestic product.
The 2020 budget is predicted on the assumptions of crude oil production of 2.18 million barrel per day, a benchmark price of US$57, GDP growth rate of 2.93 percent, inflation rate of 10.81 percent, while approved exchange rate stands at N305/dollar.