The projected expenditure for the 2020 budget has been increased after the House of Representatives increased the parameters of the Medium Terms Expenditure Framework (MTEF) for 2020-2022.
While the House Committee on Supply were reviewing the report on Appropriations and Finance, they increased the projected revenue of the Nigerian Customs Service (NSC) from N942.6 billion to N1.5trillion.
The committee also increased the oil benchmark from $55 per barrel, the new benchmark is $57billion.
The implication of the adjustment is that the 2020 budget will now increase from N10, 002trillion to N10,729.4 trillion.
The House further slashed the projected borrowing from N1.7trillion to N1.5 trillion, they also called on Federal government to ensure that future borrowing is project tied.