House of Representatives has just passed the 2020 Appropriation Bill, waiting for the assent of President Muhammad Buhari for it to become a law. The bill is titled “A bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of N10,594, 362,364,830”.
The budget was firstly considered clause-by-clause by the House at the Committee of Supply and was later read for the third time and passed at the plenary session. It will be recalled that the budget was laid at the joint session of Senate and the House by the President on October 8, 2019. The House subsequently commenced debate on the general principle of the bill on the 9 and 10 Oct 2019 respectively.
Thursday passage of the bill by the House was chiefly hinged on the quest to return the country back to January to December budget cycle. Meanwhile, the budget size was increased from the originally submitted figure of N10.33 trillion to N10,594, 362,364,830 trillion, creating an addition of N260 billion. Out of the envelope size, N560,470,827,235 is for Statutory Transfers while N2,725,498,930,000 is for Debt Service. Similarly, N4,842,974,600,640 is also for Recurrent (Non-Debt) Expenditure while the sum of N2,465,418,006,955 only is for contribution to the Development Fund for Capital Expenditure.
The figures are for the year ending on December 31, 2020. The details of the sectoral allocations for capital expenditure showed that the Ministry of Works and Housing got the lion share of N315,563,564,269 billion followed by the Ministry of Power which got N129,082,499,363 billion in total. Also, the Ministry of Agriculture and Rural Development got N124, 395, 096,9117 billion in total. Similarly, the Presidency will spend a total of N19,031,057,925 just as N 20,000,000,000 was earmarked Special Intervention Funds.
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