Senate raises revised 2020 budget by N5bn

The senate has amended the revised 2020 budget and increased its total size from N10.805 trillion to N10.810 trillion, increasing by N5 billion.

The appropriation bill was amended after Solomon Olamilekan, chairman of the committee on finance, moved a motion, on Thursday.

Olamilekan said the increase of statutory transfers to the Niger Delta Development Commission (NDDC), North-East Development Commission (NEDC), Universal Basic Education Commission (UBEC) and basic healthcare fund were not captured in the initial budget they passed.

The national assembly had raised oil benchmark to $28 from $25.

The finance chairman said the statutory transfers to NDDC, NEDC, UBEC and basic healthcare have now been increased to N1.7 billion, N816 million, 1.7 billion and N897 million respectively.

“The senate notes the constitutional requirement of share of the incremental revenue by statutory agencies by the $3 barrel oil benchmark price increase,” Olamilekan said.

“Also notes the approval increase from the crude oil benchmark price from $25 to $28 per barrel.”

The senators amended the budget within two hours.

The house of representatives is also expected to do the same.