2020 budget: NASS sets for emergence session *To review the budget downward

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2020 budget: NASS sets for emergence session

*To review the budget downward

By Joel ThankGod (Abuja):

As COVID-19 pandemic continues to take its toll on every sector of the nation’s economy, the two Chambers of the National Assembly have concluded arrangements to hold separate emergency sessions.

Financial Business Correspondent learnt that the emergency sessions are slated for this coming Thursday.

The main reason for these sessions is to enable both Chambers deliberate on a downward review of 2020 appropriation bill, to meet the current economic realities on ground.

According to NASS, the downward review of 2020 budget becomes imperative, following challenges in the economy caused by ravaging effects of COVID-19 pandemic.

Recall that NASS had previously adjourned sitting last Tuesday, to resume on June 2, 2020.

However, both Chambers have changed that plan and are ready to sit this coming Thursday, in order to consider downward review and passage of the budget.

More so, the Federal Government had recently slashed 2020 budget with a whopping sum of about N318 billion and sent it to National Assembly for deliberation.

The figures presented to NASS showed a downward cut in the budget’s estimate from N10.594 trillion to N10.276 trillion.

The oil bench- mark was equally reduced from the initial $57 per barrel to $30 per barrel, following a drop in crude oil production from 2.17 million barrel to 1.70 million barrel estimate.

That was not all.
Capital projects within Ministries, Departments and Agencies were also reduced by 20 percent, thereby bringing the amount allocated for such projects to N312.82 billion in the budget.

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