The Senate on Thursday passed the sum of N10.810trillion as revised 2020 budget.
Before approving the sum, the lawmakers had earlier passed the sum of N10.805trillion.
The adjustment of the estimate followed a motion moved by the Chairman, Senate Committee on Finance, Senator Solomon Adeola (Lagos West).
According to Adeola, the difference of $3 between the oil benchmark price of $28 recommended and the $25 proposed by the executive which amounted to N5.256billon, was erroneously omitted from the aggregate expenditure in the Bill by the National Assembly’s Joint Committees on Appropriation while considering the revised budget proposal.
He explained that from the N5.256billion expected as additional revenue from the increased oil price, N1.746billion was added to the statutory votes of N44.200billion proposed votes for the Niger Delta Development Commission (NDDC).
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He added that N816million from the amount was also added to the N20.944billion proposed for the North East Development Commission (NEDC).
Others include: N1.709billion to the N51.120billion voted for the Universal Basic Education Commission (UBEC) and N897million added to the N25.560billion proposed for the Basic Health Care Fund.
Recall that President Muhammadu Buhari had in a letter to both chambers of the National Assembly, requested the review the 2020 appropriation of N10.509trillion.
This followed an economic downturn occasioned by the drop in global oil price.
The revised budget figure for the 2020 fiscal year is therefore, now N10.810 trillion, representing an increase of N301 billion from what Buhari requested.