On Thursday Nigerian Senate passed the sum N10.805trillion as the revised budget for the 2020 fiscal year.
The revised budget followed consideration of the report of the Senate Committee on Appropriations on Appropriation Act (Amendment) Bill, 2020.
The breakdown shows that out of the sum of N10,805,544,664,642 to be issued from the Consolidated Revenue Fund, N422,775,979,362 is for statutory transfers.
Also, N2,951,710,000,000 is for Debt Services while N4,942,269,251,934 is for Recurrent (Non-Debt) Expenditure.
The sum of N2,488,789,433,344 is for contribution to the Development Fund for Capital Expenditure.
Ahmad Lawan, Senate President, charged committees to ensure strict oversight of projects contained in the 2020 budget.
Ahmad Lawan said value for money is one way of ensuring that Nigerians are impacted positively through government interventions and Programmes.
“We are supposed to ensure that we oversee these projects. When we have to borrow money to fund some of these projects, it is very crucial that we ensure there is value for money.”
Lawan stated that every project mentioned should be implemented appropriately and accordingly.
He further urged all standing committees to ensure effective and thorough monitoring of spendings and projects.