Senate increases 2020 expenditure to N10.73tn

President Muhammadu Buhari will on Tuesday next week present the 2020 budget at a joint session of the National Assembly by 2pm.

The President of the Senate, Ahmad Lawan, stated this at plenary on Thursday.

Also at plenary, the Senate approved all the 16 recommendations contained in the report of the National Assembly joint Committee on Finance and National Planning, on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The red chamber, among others, increased the proposed nation’s budget for 2020 from N10.002tn to N10.729.4tn.

The proposed increment of N727bn according to the Chairman, Senate Committee on Finance, Solomon Adeola, would be the proceed from the hike of the oil benchmark from $55 to $57 and the expected increment in the revenue of the Nigeria Customs Service.

Adeola added that the $2 increment in the oil benchmark would be used to pay the salaries of the proposed recruitment exercise being planned by the Federal Government into the Nigerian Army, Police, Immigration and the Nigerian Security and Civil Defence Corps.