By Adedapo Adesanya
The House of Representatives on Wednesday passed the 2020 revised budget, increasing the proposed sum to N10.8 trillion.
Initially, President Muhammadu Buhari had sent a budget estimate of N10.5 trillion to the lawmaker, but members of the lower chamber of the National Assembly bumped this up by an extra N296 billion.
The new budget is also N211 billion higher than the N10.6 trillion passed by the legislature in December 2019 before it was revised to N10.5 trillion against the backdrop of the COVID-19 pandemic.
Though the report of the Committee on Appropriation had provided N10.801 trillion for the revised budget, during consideration, N4 billion was added to take care of hazard and other welfare packages for resident doctors.
At the Wednesday plenary, the bill was passed after clause by clause consideration of the report of the Committee on Appropriation by the Committee of Supply chaired by the Speaker of the House, Mr Femi Gbajabiamila.
In his brief explanation during consideration of the budget, Chairman of the Committee on Appropriation, Mr Muktar Betara, said the increase in the revised budget was for interventions to cushion the effects of the COVID-19 pandemic on the country.
Titled A Bill for an Act to amend the Appropriation Act, 2020 to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N10.8 trillion (raised by N4 billion, the budget allocated N422.8 billion for Statutory Transfers and N2.9 trillion for Debt Service.
Also, the sum N4.9 trillion was allocated to Recurrent (Non-Debt) Expenditure while the sum of N2.5 trillion is for contribution to the Development Fund for Capital Expenditure.
Under the statutory transfers, the National Judicial Council took N110 billion, Niger-Delta Development Commission N44.2 billion, Universal Basic Education N51.1 billion and National Assembly gulped N128 billion.
Furthermore, Public Complaints Commission took N4.7 billion, Independent National Electoral Commission (INEC) N36 billion, National Human Right Commission N2.3 billion, North East Development Commission N20.9 billion while Basic Health Care Fund got N25.6 billion.
Out of the N2.9 trillion allocation for debt service, Domestic Debts got N1.9 trillion, Foreign Debts took N805.5 billion and Sinking Fund to Retire Maturing Loans was allocated a total of N272. 9 billion.
The House of Representatives also approved President Muhammadu Buhari’s request to borrow $5.513 billion to finance the deficit in the 2020 budget.
A breakdown of the loan indicated that the federal government intends to borrow $3.4 billion from the International Monetary Fund (IMF) for rapid financing instrument; $1.5 billion from the World Bank for development policy financing; $500 million from the African Development Bank for COVID-19 crises response budget support operation; and $113 million from the Islamic Development Bank (ISDB) to help finance the 2020 revised budget deficit.
Modupe Gbadeyanka