OrderPaperToday – The National Assembly has received the revised 2020 budget of N10.27 trillion and 2020-2022 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP).
The budget was reviewed from N10.59 trillion passed in December last year.
In an interview with journalists on Thursday, the Chairman, Senate Committee on Appropriation, Senator Jibrin Barau (APC, Kano North) after meeting with the officials from the executive stated that the fiscal documents were received on Tuesday evening by the leadership of both chambers.
As a result, the joint chambers’ committees on Appropriation, Finance and National Planning had a consultative session with the Minister of Finance, Zainab Ahmed and Director General of Budget and National Planning, Ben Akabueze.
Barau said: “Now that the bill to amend the 2020 budget has been submitted to the National Assembly, we decided to strengthen the collaboration of consistent engagement with the executive arm of government so that by the time we go into the full activity of processing the bill, we would not have any major disagreement.
“We want to have a smooth process that would be devoid of acrimony or disagreement between the National Assembly and the executive. The Minister was here in pursuant of the earlier trend which had been established since the beginning of the 9th Senate.
“The impact of the COVID- 19 on the economy is that the revenue that was supposed to flow into the coffers of government are not coming in, necessitating amendment of the earlier passed budget to be in tune with the current realities.
“We don’t have enough revenues coming in and there are series of problems coming up, which can best be addressed by drastic review of the earlier passed N10.596trillion budget”.
Similarly, the Chairman of the Senate Committee on Finance, Adeola Olamilekan (APC, Lagos West), assured that the federal Chambers will follow due process in the passage of the fiscal documents.
“The budget is already in the National Assembly but legislative process has to take its course before any major pronouncement could be made.
“The consultation is a work in progress but until the document is laid in the National Assembly which we hoped in no distance future would be unfolded and we would have the full grasp of what is contained in the document before we can make any major pronouncement concerning what the MTEF / FSP and the revised 2020 Appropriation Act”, Olamilekan said.