Reps approve Buhari’s $5.5bn loan, pass N10.8trn revised budget

External borrowings

Posted  158 Views updated 2 months ago
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The House of Representatives, on Wednesday, passed the revised 2020 budget of N10.8 trillion and approved President Muhammadu Buhari’s request for a $5.5 billion loan.

 

NEWS FLAKES NG reports that the budget was considered and passed after Mukhtar Betara, Chairman of the House Committee on Appropriations, presented the panel’s report.

 

[READ ALSO] Loans: Buhari has auctioned Nigeria for sale on the int'l market – PDP >>> https://www.newsflakes.com.ng//news/loans-buhari-has-auctioned-nigeria-for-sale-on-the-int-l-market-pdp-1209

 

While the Committees on Appropriations and Finance, ‎at plenary, recommended N10,801,544,664,642, the lawmakers added N4 billion for the welfare of National Association of Resident Doctors’ members.

 

Recall that the doctors had threatened to go on strike.

 

The budget had been passed in December 2019, but the COVID-19 pandemic forced the Federal Government into some adjustments.

 

While N422 billion was earmarked for statutory transfers, N4.9 trillion for recurrent expenditure, N2.4 trillion for capital expenditure, debt servicing had N2.9 trillion.

 

 

 

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