The Senate has passed the revised 2020 budget of N10.8 trillion, a development which comes few days after the house of representatives passed the same figure as the 2020 budget.
The budget was passed on Thursday after Jibrin Barau, chairman of the appropriation committee, presented a report, and will become operational when President Muhammadu Buhari gives his assent to it.
The budget was initially passed in December but it came back to the national assembly after the executive reworked it to reflect the current economic realities.
The coronavirus pandemic led to a fall in the price of crude, thus affecting the major source of the country’s income.
A sum of N500 billion was passed in the budget as an intervention fund for coronavirus with a sum of N186 billion earmarked for the health sector.
In the revised budget, N422 billion was fixed for statutory transfers, N4.9 trillion for recurrent expenditure, N2.4 trillion for capital expenditure while a sum of N2.9 trillion was earmarked for debt servicing.
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