The House of Representatives has increased the projected expenditure for the 2020 budget, reports say.
According to the members of the House of Reps, the increase in the parameters of the Medium Terms Expenditure Framework (MTEF) for 2020-2022 resulted in an increase in budget.
The Federal 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 created an oil benchmark from $55 per barrel to around $57billion.
These adjustments suggest that the 2020 budget will now be slightly increased from N10,002 trillion to N10,729.4 trillion.
The House of Reps reduced the projected borrowing from N1.7 trillion to an unbelievable N1.5 billion, while calling on the Federal Government to ensure that future borrowing is project related.
This recommendation was unanimously adopted by the House and passed as bill by the Joint Committee. No objections were raised to the new bill.