Wednesday, April 1, 2020

2020 budget: Buhari presents 10.3trn proposal to N’Assembly

Must Read

FRSC establishes situation room to monitor coronavirus

The Federal Road Safety Corps (FRSC), has established a situation room in its Operations Department to receive reports from...

Opinion: COVID-19 and the Ecology of Death by Austin Tam George

In the past two weeks, the Coronavirus pandemic has produced many paradoxes to give Nigerians a life time of...

BREAKING: Oyo Governor, Makinde tests positive for Coronavirus

Oyo State Governor, Seyi Makinde has tested positive for the deadly Coronavirus. Oyo Governor. The governor disclosed this on his...

 

President Muhammadu Buhari on Tuesday presented a budget estimate of N10.33 trillion for the year 2020 to a joint session of the National Assembly.

The President, while giving a breakdown of the budget estimates, said N556.7 billion was for statutory transfers, N4.88 trillion for non-debt recurrent expenditure and N2.14 trillion for capital expenditure.

Debt service, according to the President, is estimated at N2.45 trillion while provision for Sinking Fund to retire maturing bonds issued to local contractors is N296 billion.

In his presentation, President Buhari said the sum of N125 billion was budgeted for the National Assembly out of N556.7 billion provided for as statutory transfer; N110 billion for the Judiciary; N37.83 billion for the North East Development Commission (NEDC); N44.5 billion for the Basic Health Care Provision Fund (BHCPF); N111.79 billion for the Universal Basic Education Commission (UBEC); and N80.88 billion for the Niger Delta Development Commission (NDDC), which is now supervised by the Ministry of Niger Delta Affairs.

President Muhammadu Buhari (left), President of the Senate and Chairman of the National Assembly, Ahmad Ibrahim Lawan and Speaker of the House of Representatives, Rt (Hon.) Femi Gbajabiamila, during the 2020 Budget presentation by the President at the National Assembly on Tuesday, 8th October, 2019

He added that the budgetary allocation to the National Human Rights Commission was raised from N1.5 billion to N2.5 billion.

This, the President noted, represents 67 percent increase in funding to enable the Commission performs its functions more effectively.

On recurrent expenditure, President Buhari gave non-debt recurrent expenditure as N3.6 trillion for personnel and pension costs, an increase of N620.28 billion over 2019.

According to him, the “increase reflects the new minimum wage as well as our proposals to improve remuneration and welfare of our Police and Armed Forces.”

He disclosed that the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) set out the parameters for the 2020 Budget.

“We have adopted a conservative oil price benchmark of US$57 per barrel, daily oil production estimate of 2.18 mbpd and an exchange rate of N305 per US Dollar for 2020.

“We expect enhanced real GDP growth of 2.93% in 2020, driven largely by non-oil output, as economic diversification accelerates, and the enabling business environment improves. However, inflation is expected to remain slightly above single digits in 2020,” he added.

President of the Senate and Chairman of the National Assembly, Ahmad Ibrahim Lawan; Speaker of the House of Representatives, Rt (Hon.) Femi Gbajabiamila, and President Muhammadu Buhari, during the 2020 Budget presentation by the President at the National Assembly on Tuesday, 8th October, 2019.

President Buhari said a draft Finance Bill, which accompanied the 2020 budget, proposes an increase of the VAT rate from 5% to 7.5%.

According to him, the 2020 Appropriation Bill is based on the new VAT rate with additional revenues used to fund health, education and infrastructure programmes.

He, however, said that States and Local Governments were allocated 85% of all VAT revenues.

Some of the key capital spending allocations in the 2020 Budget include: Works and Housing: N262 billion; Power: N127 billion; Transportation: N123 billion; Universal Basic Education Commission: N112 billion; Defence: N100 billion; Zonal Intervention Projects: N100 billion; Agriculture and Rural Development: N83 billion;

Others are: Water Resources: N82 billion; Niger Delta Development Commission: N81 billion; Education: N48 billion; Health, N46 billion; Industry, Trade and Investment: N40 billion; North East Development Commission: N38 billion; Interior: N35 billion; Social Investment Programmes: N30 billion; Federal Capital Territory: N28 billion; and Niger Delta Affairs Ministry: N24 billion.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Post

Coronavirus: Panic buying as Bauchi lockdown commence

Bauchi residents are rushing to stock food items and other essential products barely some hours to the total lockdown...

Nigeria must break the chain of COVID-19 spread or risk becoming the next epicentre –NAQS DG

Nigeria must break the chain of the spread of coronavirus in the country to avert the likely scenario of being the next epicentre of...

COVID-19: Prominent Nigerian-born Medical Doctor, Alfa Sa’adu, Dies in UK

A Nigerian-born medical doctor, Dr. Alfa Sa’adu, has died of coronavirus in the United Kingdom. COVID-19. Dr. Sa’adu died in London on Tuesday at the...

COVID-19: Jumia implements ‘Contactless’ delivery, Cashless payments in Africa

Africa’s leading e-Commerce platform, Jumia has announced the implementation of ‘contactless’ delivery for prepaid packages on the platform. COVID-19. The company is taking additional measures...

COVID-19: Sokoto tracks 11 overseas returnees

Sokoto State Government on Tuesday said it is closely monitoring 11 people, all returnees from foreign countries as the state moves to prevent incursion...

More Articles Like This