The House of Representatives has increased the projected Expenditure for the 2020 budget.
The House increased the budget by increasing the parameters of the Medium Terms Expenditure Framework (MTEF) for 2020-2022.
The House Committee on Supply, while considering the report of the Committees on Appropriations and Finance, increased the projected revenue of the Nigerian Customs Service (NSC) from N942.6 billion to N1.5trillion and also increased the oil benchmark from $55 per barrel, the new benchmark is $57billion.
The adjustment means the 2020 budget will now be N10, 002trillion to N10,729.4 trillion. While the House also slashed the projected borrowing from N1.7trillion to N1.5billion while calling on Federal government to ensure that future borrowing is project tied.
The recommendations were unanimously adopted by the House and passed as recommended by the Joint Committees.