Economy

Senate begins debate on 2020 budget

The Senate on Wednesday commenced debate on the general principles of the 2020 Appropriation Bill.

President Muhammadu Buhari had on Tuesday presented an estimate of N10.33trillion as proposed aggregate expenditure for 2020 to a joint session of the National Assembly.

Leader of the Senate, Senator Yahaya Abdullahi, had moved a motion that the a Bill for an Act to authorize the issue from the consolidated revenue fund of the Federation the total sum of N10,330,416,607,347.00 of which N556,700,827,235.00 is for statutory transfers, N2,748,598,930,000.00 is for Debt Service, N4,880,309,549,778.00 is for Recurrent (Non-Debt) Expenditure, while the sum of N2,144,807,300,334.00 is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st December 2020, be considered for second reading.

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