Revised 2020 budget passed by reps
You're referring to the revised 2020 budget passed by the Nigerian House of Representatives!
On December 18, 2019, the Nigerian House of Representatives passed a revised 2020 budget of N10.59 trillion, which is an increase of N1.12 trillion from the initial budget of N9.47 trillion presented by President Muhammadu Buhari in October 2019.
Here are some key highlights of the revised 2020 budget:
- Total Budget: N10.59 trillion
- Increase: N1.12 trillion from the initial budget of N9.47 trillion
- Capital Expenditure: N2.78 trillion (26.3% of the total budget)
- Recurrent Expenditure: N7.81 trillion (73.7% of the total budget)
- Federation Account Allocation Committee (FAAC): N2.45 trillion (23.1% of the total budget)
- Debt Service: N3.12 trillion (29.5% of the total budget)
- Capital Expenditure Allocation:
- Ministry of Works and Housing: N230 billion
- Ministry of Transportation: N143 billion
- Ministry of Power: N127 billion
- Ministry of Education: N112 billion
- Ministry of Health: N104 billion
- Revised Budget Breakdown:
- Federal Ministry of Finance, Budget and National Planning: N1.45 trillion
- Ministry of Defence: N1.23 trillion
- Ministry of Interior: N1.14 trillion
- Ministry of Justice: N1.03 trillion
- Ministry of Foreign Affairs: N944 billion
The revised budget was passed after a thorough review and consideration of the initial budget by the House of Representatives. The increased budget is expected to cater to the country's growing needs, including infrastructure development, healthcare, education, and debt servicing.