The Senate on Thursday reconvened to consider President Muhammadu Buhari\u2019s request for approval of the N10.51 trillion revised 2020 budget. The bill to amend the 2020 appropriation act which scaled second reading on the floor was considered immediately after a letter to that effect from Buhari was read during plenary by the Senate President, Ahmad
The Senate on Thursday reconvened to consider President Muhammadu Buhari’s request for approval of the N10.51 trillion revised 2020 budget.
It would also be noted that the revised figure reflects a downward cut by the federal government from the N10.59 trillion passed in December last year. Further, the lawmaker added that the aggregate amount available for the Capital Expenditures – exclusive of Capital in Statutory Transfers – in the revised 2020 budget is N2.23 trillion.
On the exchange rate, he said, “An upward adjustment was made by the Central Bank of Nigeria to N360/US$1, adding that, “while the CBN continues to make strenuous efforts to stabilize the exchange rate, it is generally expected that the naira will suffer further devaluation as Nigeria is projected to lose about US$26 billion in oil revenues.”
“Let me seize this opportunity to express my deep gratitude for the patriotism, cooperation and support of the leadership and Distinguished members of the Senate in our collective effort to amend the Appropriation Act 2020 and accelerate its implementation.
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