FLASH: Buhari Transmits Revised 2020 Budget To Senate

FLASH: Buhari Transmits Revised 2020 Budget To Senate

Emerging report indicates that the senate has received the revised 2020 budget of N10.52 trillion.

This was disclosed by Senate President, Ahmad Lawan while reading a letter from President Muhammadu Buhari on the floor of the upper legislative chamber on Thursday.

YANS reports that President Muhammadu Buhari had assented to N10.59 trillion as the budget for 2020 in December.

But it was reviewed downwards to N10.276 trillion following the outbreak of COVID-19 that forced oil prices to dwindle. In some parts of the world, oil prices fell to the negative.

However, the federal executive council (FEC) increased the budget to N10.52 trillion by N318 billion after oil prices appreciated.

Meanwhile the Federal Government is to borrow a sum of $5.513 billion from external sources to finance the revised 2020 appropriation and support state government meet their challenges occasioned by COVID-19.

In a letter to the House of Representatives, President Muhammadu Buhari sought the approval of the lawmakers to borrow the amount from the International Monetary Fund, the World Bank, African Development Bank, Islamic Development Bank, Export, Import Bank of Brazil and the African Export, Import Bank.

The letter which was read at plenary on Thursday by the Speaker, Rep. Femi Gbajabiamila states that $3.4 billion of the money is to come from the International Monetary Fund, $1.5 billion from the Works Bank, $500 million dollars from the African Development Bank, while the Islamic Development Bank is to provide $113 million.

The loan request was however referred to the House Committee on loans and Debt for consideration.

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