The Nigerian Senate on Wednesday started debate on the general principles of the 2020 Appropriation Bill submitted to it by President Muhammadu Buhari on Tuesday.
The debate followed a motion moved by the Senate Leader, Yahaya Abdullahi for an Act to authorize the issue from the consolidated revenue fund of the federation with a total sum of N10,330,416,607,347.00 to be considered for second reading.
The budget estimate has N556,700,827,235.00 for statutory transfers, N2,748,598,930,000.00 for Debt Service, N4,880,309,549,778.00 for Recurrent (Non-Debt) Expenditure, while the sum of N2,144,807,300,334.00 is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st December, 2020.
Seconding the motion, Senate Minority Leader, Enyinnaya Abaribe said, “This is nothing but a budget of taxation. I urge the Senate to look at that fact as it is not a sustainable budget. Debt servicing is higher than capital expenditure. We are still struggling. I second the budget presentation by the Senate Leader.”
In his contribution, Senator Aliyu Sabi said, “This is a budget of continued change. This government is on the right trajectory. This budget has addressed how the micro and medium small enterprises will play a key role in building the Nigerian economy.
In his contribution, Senator Gabriel Suswam said, “I commend Mr. President for bringing an ambitious budget; the deficit worries me, there is a correspondence borrowing increase; we need to do something in this chamber by way of legislation to address borrowing.”
Amid other contributions, Senate President Ahmad Lawan announced that the debate on the budget would continue tomorrow.
Consequently, the senate leader moved that plenary be adjourned to another legislative day and he was seconded by the minority leader.
The plenary was later adjourned to Thursday, October, 10.