OrderPaperToday – The Senate on Thursday passed the reviewed 2020 appropriations act.
The budget passed by the Senate is the same with the one passed by the House of Representatives a day earlier.
The Senate committee on Supply approved the recommendations of the report of the appropriation committee, presented by its Chairman, Senator Jibrin Barau (APC, Kano).
Earlier, the House of Representatives made adjustments to the statutory transfers to some agencies whose revenue are pegged on percentage to the Consolidated Revenue Fund (CRF) saw increment in their allocation due to increase of the oil benchmark from $25 per barrel as proposed to the $28 per barrel eventually approved.
The Chairman of the House Committee on Finance, James Faleke moved the motion.
According to Faleke, the extra $3 from the benchmark translates to ₦5,256,207,430 to be allocated to the statutory agency, but was erroneously omitted during the passage of the budget.
Statutory transfer to Niger Delta Development Commission (NDDC) (15% NDDC States share Federation Account) was increased by ₦1,746,411,240.
Also, that statutory transfer to North East Development Commission (10% of North–East States of FAAC) was increased by ₦816,871,125.
While Universal Basic Education (2% of CRF) and Basic Health Care Fund (1% of CRF) got increments of ₦1,795,283,376 and ₦897,641,688 respectively.
It means that the total Statutory Transfer has been increased from ₦422,775,979,362 to a new figure of ₦428,032,186,792.
With this new adjustments, the total budget size of ₦10,805,544,664,642, is thus increased by the above statutory share of revenue by the listed agencies with a total of ₦5,256,207,430 bringing the new budget size to ₦10,810,800,872,072.