MTEF: 2020 Budget Increased By Reps From ₦10.002 To ₦10.7trn, See Why

The projected expenditure for the 2020 budget has been increased after the House of Representatives increased the parameters of the Medium Terms Expenditure Framework (MTEF) for 2020-2022.

While the House Committee on Supply were reviewing the report on Appropriations and Finance, they increased the projected revenue of the Nigerian Customs Service (NSC) from ₦942.6 billion to ₦1.5trillion.

The committee also increased the oil benchmark from $55 per barrel, the new benchmark is $57billion.

The implication of the adjustment is that the 2020 budget will now increase from ₦10, 002trillion to ₦10,729.4 trillion.

The House further slashed the projected borrowing from ₦1.7trillion to ₦1.5 trillion, they also called on Federal government to ensure that future borrowing is project tied.