A Bill for an Act to Amend the Appropriations Act, 2020 to authorize the issue from the Consolidated Revenue Fund of the Federation, the total sum of N10.509 trillion passed second reading in the House of Representatives.
The Bill which was passed on Thursday at plenary, after extensive debates by members of the House was referred to relevant Committees such as Appropriations and Finance for further legsilative action.
Moving that the Bill be read for Second time, Majority Leader of the House, Alhassan Ado-Dogwua said out of the N10.509 trillion, N398.505 billion is for Statutory Transfers and N2.951trillion is for Debt Service.
Ado-Dogwua also explained that N4.928 trillion is for Recurrent (Non-Debt) Expenditure while the sum of N2.230 trillion is earmarked for contribution to the Development Fund for Capital Expenditure for the year ending on 3 1 December, 2020.
The House had at the commencement of plenary received letters from President Muhammadu Buhari requesting its consideration and approval of the revised 2020 budget and external borrowing.
The $5.513 billion external borrowing which is intended to finance the 2020 budget, priority projects of the Federal Government and projects to support States Government has been referred to the House Committee on Loans, Aids and Debts for future legsilative action.
