Nigeria’s House of Representatives has passed the revised 2020 federal budget of N10.8 trillion from the initial N10.5 trillion submitted by the president.
The lawmakers also approved President Muhammadu Buhari’s request for $5.5 billion external loan.
The budget was passed after Mukhtar Betara, Chairman of the House Committee on Appropriations, presented the panel’s report.
The budget had been passed in December, 2020 but the coronavirus pandemic forced the federal government to make some adjustments.
Part of the adjustments was the allocation of N100 billion as COVID-19 intervention fund.
In the budget, N422 billion was earmarked for statutory transfers, N4.9 trillion for recurrent expenditure while N2.4 trillion was for capital expenditure. N2.9 trillion was set aside for debt servicing.