REVIEW OF 2020 BUDGET
24. Mr Speaker, distinguished Honourable Members, if you could recall, in the 2020 financial year, a total estimate of N188,549,559,140.45 was presented before the Honourable House. The estimate was based on the projected capital and recurrent revenues of N N83,889,073,491.00 and N104,660,485,649.45 for the year, respectively.
25. The estimate was equally broken down into N71,005,559,140.00 and N117,544,000,000.00 as Recurrent and Capital Expenditure. However, the Government in consideration of the effect of COVID-19 Pandemic on the economy and IPSAS requirement, the 2020 Budget was revised to N127.333 billion, made up of N75.573 billion and N51.76 billion as Recurrent and Capital Revenue respectively; as well as N58.315 billion and N69.018 billion as Recurrent and Capital Expenditure respectively.
26. On the overall, therefore, the 2020 budget realised the sum of N74.772 billion, about 59% by the end of the third quarter. This achievement is modest, considering the downturn of economic activities of countries all over the world.
