Senate increases 2020 budget to N10.729trn

Senate President, Dr Ahmed Lawan 

The Senate on Thursday passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to it by President Muhammadu Buhari last week.

This followed the presentation and consideration of the report of the Senator Solomon Adeola-led Senate Committee on Finance by the Red Chamber in Abuja.



The upper chamber increased the proposed nation’s budget for 2020 from N10.002tn to N10.729.4tn

The Senate also increased the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase.

The Senate also increased the 2020 revenue target by the Nigeria Customs Service (NCS) by N557.4billion, that is, from N942.6 billion to N1.5trillion.




It however retained the exchange rate at N305 per dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the executive.

The Committee also recommended the adoption of N1.5 trillion as the amount for new borrowing by the Federal Government in 2020, as a result of reduction of N200 billion which was sourced from the increase of revenue target of the Nigeria Custom Service.



The Committee further called for an urgent review and amendment to the Fiscal Responsibility Act (FRA Act) and the various laws of the revenue generating agencies to align with current realities.

This information form part of the recommendations of the National Assembly Joint Committee on Finance report on 2020-2022 MTEF/FSP which was considered by the Senate in Abuja on Thursday.