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2020 Budget: Senate Approves N10.594trn




Nigerian Senate Approves Buhari's $8.325bn, Euro 490m External Loans

Tobi Adebayo 

The Senate has approved N10.594 trillion as the 2020 budget against the initial N10.33 trillion presented to the joint session of the National Assembly by President Muhammadu Buhari.

The chairman of the panel, Senator Barau Jibrin, while presenting the report on Thursday said the increase of N264 billion allowed for interventions in critical areas such as national security, road infrastructure mines and steel development, health among others.

“Statutory transfer stood at N560.5 billion, Recurrent Expenditure at N4.8 billion, Capital Expenditure at N2.5 billion, Debt Servicing at N2.7 billion, Fiscal Deficit at N2.3 trillion and Deficit to GDP of 1.52 per cent.

“The daily oil production stood at 2.18m barrels per day, oil benchmark was increased from $55 to $57 per barrel proposed by the Executive, while the exchange rate remained N305 per dollar,” Jibrin explained.

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