The N10.509 trillion budget proposed by the executive as revised budget for 2020 fiscal year has been raised by the two Chambers of the National Assembly Thursday, raised by N301billion, passing N10.810 trillion as aggregate expenditure for the 2020 revised budget.
The N301 billion added to the earlier proposal made by the executive arose from increases made on Capital expenditure proposal , which was raised from N2.230 trillion to N2.488 trillion, recurrent expenditure jerked up from the earlier proposed N4.928trillion to N4.942trillion and statutory transfers increased from N398.505billion to N428.033, totalling N301 billion .
Similar differences were also made on parameters assumptions of the revised proposals like 25 dollars per barrel oil price benchmark increased to 28 dollars per barrel , 1.9m barrel oil production per day , reduced to 1.8million barrel per day .
However, other critical highlights of the revised budget proposal forwarded to the National Assembly by President Muhammadu Buhari like N2.951trillion debt servicing and N500billion intervention fund for COVID-19, were retained, just like the N360 to a US dollar exchange rate .
Providing explanation on the increases reflected in the revised budget proposal, particularly on the statutory transfers , Chairman, Senate Committee on Finance , Sen. Solomon Adeola ( APC Lagos West)said:
“Increase made on oil price benchmark from 25 dollar per barrel proposed to 28 dollar per barrel, amounted to N5 billion spread on different votes earlier proposed .
According to him, out of the N5 billion expected as additional proceeds from increased oil price benchmark , additional N1.746billion was added to the statutory votes of N44.200 billion for the Niger Delta Development Commission ( NDDC), N816 million added to N20.944 billion earlier proposed for the North East Development Commission ( NEDC).
Others are , N1.709billion added to the earlier votes of N51.120 billion of the Universal Basic Education Commission ( UBEC) and N897million added to N25.560 billion earlier proposed for Basic Health Care Fund .
Earlier in his lead debate for passage of the revised budget , the Chairman , Senate Committee on Appropriation , Sen. Jibrin Barau ( APC Kano North), said his committee in analysing the budget proposals , made the following observations.
“He said there were cuts in all items in statutory transfers , increase in the debt service and general reduction in the overhead component of the budget ( excluding the health sector ).
He also said there were other reductions and zero provision to some projects in the capital component and new provisions on service wide votes and capital supplementation to cushion socio-economic disruptions and shock of COVID-19.
In his remarks after the passage of the budget , President of the Senate , Ahmad Lawan said:
” We must ensure accountability in the execution of the just passed revised 2020 budget in the interest of Nigerian.
” The best way of doing this , is to carry out thorough oversight on both the revenue generating agencies and others executing the budget in one way or the other,” he said.