Senate Begins Work On 2020 Budget
Naija News reports the Nigerian Senate on Wednesday began debate on the general principles of the 2020 Appropriation Bill.
It will be recalled that President Muhammadu Buhari had on Tuesday presented a 2020 budget estimate of N10.33trillion to a joint sitting 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.
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… by Senate Leader. pic.twitter.com/TkXGciRYtE
— The Nigerian Senate (@NGRSenate) October 9, 2019
Making his contribution to the debate, Senator Enyinnaya Abaribe said “This is nothing but a budget of taxation. I urge the Senate to look at that fact as it is not a sustainable budget. Debt servicing is higher than capital expenditure. We are still struggling. I second the budget presentation by the Senate Leader.”
After taking more contributions from other Senators, Senate President Ahmad Lawan announced that the debate on the budget will continue during plenary on Thursday, 10th October after which the Senate Leader moved that plenary be adjourned to another legislative day, a motion seconded by the Minority Leader.