No country can survive without borrowing, but… -Rep Gagdi Yusuf
The 2020 Appropriations bill on Thursday scaled through second reading on the floor of the House of Representatives after robust debate on the general principle of the N10.33 trillion budget estimates. Subsequently, the bill was referred to the House Committee on Appropriations and all other Standing Committees to serve as sub-committees, just as the House resolved to suspend plenary session to enable various Standing Committees to interface with Ministers and Heads of various Ministries, Departments and Agencies (MDAs) as from next week. According to the budget proposal submitted by President Muhammadu Buhari, from the total sum of N10,330,416,607,347 expenditure, the sum of N556,700,827,235 is for Statutory Transfers; N2,748,598,930,000 is for Debt Service; N4,880,309,549,77 is for Recurrent (Non–Debt) Expenditure, while the sum of N2,144,807,300,334 is for contribution to the Development Fund for Capital Expenditure for the year ending 31st December 2020. In his lead debate, Majority Leader, Hon. Olajide Obanikoro who called for improved funding when it comes to provision for health, stated that this would give Nigeria a functioning health system for Nigerians and get people to come from other nations like India enjoys today. On his part, Hon. Yusuf Gagdi expressed the hope that the 9th Assembly can say things will be done differently as it relates to budgeting, just as he queried why debt servicing still takes a huge chunk of the budget.
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