The Senate has passed the revised 2020 budget of N10,805,544,664,642 that was sent by President Muhammadu Buhari. The members of the upper legislative chamber passed the budget during plenary on Thursday, a day after members of the House of Representatives approved the same figure.
A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure has N4,942,269,241,984.
The executive also allocated N422,775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.
In the same vein, N500 billion was earmarked as intervention funds for the fight against COVID-19, while the health sector got N186 billion allocation.
The budget report was presented by the Chairman of the Senate committee on appropriation, Jibrin Barau, during the plenary sessions at the senate.
The review of the budget was necessitated by the impact of the COVID-19 which has adversely affected the oil price and by extension the revenue projections of the government.
The passed 2020 revised budget is N300 billion more than the revised budget plan that was originally submitted by President Buhari. It also increases the projected oil price by $3 per barrel, which is from $25 per barrel to $28 per barrel.
The spending plan must now be sent back to the president for his accent after he might have been satisfied with what was passed by both chambers of the national assembly.