Reps increase 2020 budget to N10.594trn

The House of Representatives Committee on Appropriations on Wednesday presented the report on the 2020 Appropriation Bill to the house for consideration.
Chairman of the committee, Muktar Betara (APC-Borno) presented the Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation during plenary presided over by Mr Femi Gbajabiamila.
The ₦10.33 trillion budget was presented on October 8 by President Muhammadu Buhari before a joint session of the National Assembly with both chambers of the assembly, assuring Nigerians of passage before the end of the year.
The report, however, reflected the total sum of N10,594,362,364,830, indicating a change in the estimates of ₦10.33 trillion earlier presented.
The report also stated that out of the over ₦10.59 trillion, ₦560.47 billion is for Statutory Transfers, which also indicates an increase from the estimates of N556.7 billion initially presented.
The Debt Service also reflected an increase from N2.45 trillion estimates to approximately ₦2.725 trillion.
The Recurrent (non-debt) Expenditure was put at about ₦4.843 trillion which showed a reduction from ₦4.88 trillion initially presented.
Approximately ₦2.465trillion is for contribution to the Development Fund for Capital Expenditure for the year ending on December 31, 2020.