President Muhammadu Buhari on
Tuesday presented the budget for the 2020 fiscal year to the joint session of
the National Assembly, informing the lawmakers that the Federal Government
expected a revenue of N8.155tn for the year.
The president while presenting
the Budget described it as a budget of Fiscal Consolidation to strengthen
Nigeria’s macroeconomic environment; investing in critical infrastructure,
human capital development and enabling institutions, especially in key
job-creating sectors.
President Buhari said the 2020
budget is based on the new VAT rate. The increased revenues will be used to
fund education, health, and infrastructure.
The increase in the budget also
reflects the new national minimum wage.
The budget proposal was prepared
based on the following assumptions: Benchmark of $57 per barrel, daily oil
1.86million barrel per day.
Allocations for some MDAs
announced by President Buhari:
Works and Housing – N262billion
Transportation – N123billion
UBEC – N112billion
Defence – N100billion
Agriculture – N83billion
Water – N82billion
Niger Delta – N81billion
Education – N48billion
Health – N46billion
NEDC – N38billion
SIP – N30billion
FCT – N28billion
Unlike the previous year where
the president was interrupted intermittently by lawmakers with jeers and cheers,
he was given a warm reception by the lawmakers with rousing applause at the end
of his presentation.
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