• Tuesday, July 23, 2024
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CBN budgets over N2trn for 2020 fiscal year


The Central Bank of Nigeria (CBN) plans to spend some N2.004 trillion in the 2020 financial year, raising planned spending by some N594 billion from the previous year, according to figures exclusively seen by BusinessDay.

The apex bank’s total budget for 2019 was N1.410 trillion.

Accordingly, total recurrent expenditure rose from N1.403 trillion in 2019 to N1.997 trillion in 2020, while capital expenditure rose from N6.786 billion in 2019 to N7.289 billion in 2020 budget.

From the major highlights of the budget presented before the House of Representatives Committee on Banking and Currency, general administration expenditure was raised from N154.113 billion in 2019 to N169.196 billion in 2020.
Godwin Emefiele, CBN governor, who was represented by Edward Adamu, deputy governor corporate services, said the apex bank was raising surplus deficit administration expenditure from N1.256 trillion to N1.835 trillion. The CBN expects to expend N1.647 trillion on liquidity management, higher than the N1.068 trillion in 2019, while other operations expenditure moved from N181.440 billion to N181.442 billion.

Also, a total of N98.173 billion has been proposed for investment in fixed assets in the 2020 budget while there was assurance by the management of CBN to give attention to ongoing projects.

Sources at the presentation said details were not furnished to the Committee on how much was budgeted and spent on new and ongoing projects.

Some projects captured in the 2020 budget include 17 system developments, plants and machinery, strong room items, furniture fittings, among others.

Gudaji Kazure (APC, Jigawa), a member of the House of Representatives, had earlier raised alarm over the rise in the CBN budget for the 2020 fiscal year, describing it as outrageous.

Kazure had vowed to personally sponsor a motion on the floor of the House to canvass for a drastic trimming of the CBN budget.