News

2020: Buhari presents N10.33trn budget proposal to National Assembly

2020: Buhari presents N10.33trn budget proposal to National Assembly

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

The president was accompanied on the mission by members of the Federal Executive Council (FEC).

Buhari addressed the joint session of NASS at about, 2.03p.m, unveiling the budget for the 2020 fiscal year.

The Federal Executive Council (FEC) had proposed N10.007 trillion for the 2020 financial year but that figure was jack-up to N10.33 trillion by the National Assembly.

Buhari described the 2020 budget as designed to be a budget of “Fiscal consolidation to strengthen our macroeconomic environment; Investing in critical infrastructure, human capital development and enabling institutions, especially in key job creating sectors.”

He said further that it was meant for “Incentivising private sector investment essential to complement the government’s development plans, policies and programmes; and enhancing our social investment programmes to further deepen their impact on those marginalised and most vulnerable Nigerians.”

According to the president, the total Federal Government revenue in 2020 is expected to be N8.155trillion comprising oil revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenue of N3.7trillion.

“This is seven per cent higher than the 2019 comparative estimate of N7.594 trillion inclusive of the Government Owned Enterprises,’’ he said.

President Buhari said non-debt recurrent expenditure include N3.6 trillion for personnel and pension costs, an increase of N620.28 over the 2019 fiscal year figure.

“This increase reflects the new minimum wage as well as our proposals to improve remuneration and welfare of our police and armed forces,’’ he said.

He disclosed that N2.46 trillion was earmarked for capital projects, inclusive of N318.06 billion in statutory transfers.

Other estimates are N556.7 billion for statutory transfers; N2.45 trillion for debt servicing and provision of N296 billion as sinking fund.

Buhari explained that the sinking fund would be used to “retire maturing bonds to local contractors”.

According to the president, the 2020 budget is based on an oil production estimate of 2.18 million barrels per day, oil price benchmark of 57 dollars per barrel and an exchange rate of N305 to a dollar.

Other benchmarks are: real Gross Domestic Product (GDP), growth rate of 2.93 per cent while inflation rate “is expected to remain slightly above single digits in 2020’’

On sectoral allocation, the president disclosed that the Ministry of Interior would get N35 billion as against N569 billion in 2019, Defence (N100 billion), Education (N48 billion) and Health (N46 billion) for some key spending

He noted with delight the continued recovery of the nation’s economy as well as the increase in the foreign reserve from 23 billion dollars in 2016 to N42.5 billion dollars in August.

“This increase is largely due to favourable prices of crude oil in the international market, minimal disruption of crude oil production given the stable security in the Niger Delta region and our import substitution drive, especially in key commodities,’’ he explained.

Comment With Facebook

Comments (49)

  1. I simply want to mention I’m very new to blogs and seriously savored your blog. Most likely I’m going to bookmark your blog post . You really have fabulous well written articles. Bless you for sharing with us your blog.

  2. Ephedra is definitely the the greatest fat loss dietary supplement available in the market. There isn’t a weight loss pill, that operates superior to Ephedrine. If you wish to obtain Ephedra, kindly visit the Buy Ephedra web-site.

  3. Hi, Neat post. There’s a problem with your website in internet explorer, would test this… IE still is the market leader and a big portion of people will miss your fantastic writing because of this problem.

  4. I’m extremely impressed with your writing skills neatly as with the format on your blog. Is this a paid subject matter or did you customize it yourself? Anyway keep up the nice high quality writing, it is uncommon to peer a nice blog like this one nowadays.

  5. I haven’t checked in here for a while because I thought it was getting boring, but the last several posts are great quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

  6. Thanks for revealing your ideas. One thing is that scholars have a selection between government student loan as well as a private student loan where it’s easier to decide on student loan consolidating debts than with the federal education loan.

  7. You are so cool man, the post on your blogs are super great.:~.~~

  8. Fantastic goods from you, man. I’ve understand your stuff previous to and you are just extremely magnificent. I actually like what you’ve acquired here, certainly like what you’re stating and the way in which you say it. You make it entertaining and you still take care of to keep it smart. I cant wait to read far more from you. This is actually a terrific web site.

  9. I keep listening to the rumor talk about getting free online grant applications so I have been looking around for the best site to get one. Could you tell me please, where could i acquire some?

  10. Sapid Agency is a Search Engine Optimization company in New York City that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in NYC and many other local areas. Find more at https://www.sapidagency.com/

  11. Awsome post and straight to the point. I don’t know if this is in fact the best place to ask but do you people have any ideea where to hire some professional writers? Thanks 🙂

  12. Thanks for your valuable post. Over time, I have been able to understand that the actual symptoms of mesothelioma cancer are caused by the build up connected fluid between your lining of your lung and the torso cavity. The ailment may start in the chest vicinity and distribute to other limbs. Other symptoms of pleural mesothelioma cancer include fat loss, severe breathing trouble, fever, difficulty eating, and inflammation of the face and neck areas. It really should be noted that some people existing with the disease will not experience any serious symptoms at all.

  13. MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks, Large Touch Screen Displays , Monitors, Digital Signages and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks, Touch Screen Monitors and Digital Signage. Visit MetroClick in NYC at http://www.metroclick.com/ or , 121 Varick St, New York, NY 10013, +1 646-843-0888

  14. I just desire to tell you that I am new to blog posting and thoroughly cherished your post. Likely I am likely to bookmark your blog post . You literally have fabulous article information. Be Grateful For it for swapping with us your own domain webpage

  15. You actually make it seem so easy along with your presentation but I find this topic to be actually something which I feel I would never understand. It seems too complex and extremely huge for me. I’m having a look ahead for your next publish, I will try to get the grasp of it!

  16. very cool website. I liked the articles and particularly some of the comments posted.. Just stumbled upon your website while doing a Google search. Great info BTW. A shapely Agreeable A shapely.

  17. Wow, you seem to be very knowledgable about this kind of topics.`–’,

  18. There is evidently a lot to realize about this. I believe you made some nice points in features also.

  19. Wow! This can be one particular of the most helpful blogs We have ever arrive across on this subject. Actually Fantastic. I am also a specialist in this topic therefore I can understand your hard work.

  20. Its superb as your other posts : D, thankyou for posting . “If Christ were here now there is one thing he would not be–a christian.” by Mark Twain.

  21. I’m not very techincal but I can figure things out pretty fast. I’m thinking about making my own but I’m not sure where to begin. Do you have any ideas or suggestions? With thanks. 🙂Best Careers

  22. That is some inspirational stuff. Couldn’t know that opinions could be this varied. Thank you for every one of the enthusiasm to provide such tips here.

  23. Keep up the great work , I read few posts on this site and I conceive that your blog is very interesting and has sets of wonderful information.

  24. Merely wanna input that you have a very decent web site , I like the pattern it really stands out.

  25. Hello There. I found your blog using msn. This is a very well written article. I will be sure to bookmark it and return to read more of your useful information. Thanks for the post. I’ll certainly return.

  26. Generally I do not read post on blogs, but I wish to say that this write-up very forced me to try and do so! Your writing style has been amazed me. Thanks, very nice article.

  27. Definitely imagine that that you stated. Your favorite reason seemed to be on the internet the simplest factor to bear in mind of. I say to you, I definitely get annoyed at the same time as people consider worries that they just don’t know about. You controlled to hit the nail upon the top as smartly as defined out the whole thing without having side effect , folks could take a signal. Will probably be again to get more. Thanks

  28. I was recommended this web site by my cousin. I’m not sure whether
    this post is written by him as nobody else know
    such detailed about my problem. You’re wonderful! Thanks!

  29. I have been surfing online greater than three hours today, but I by no means found any fascinating article like yours. It¡¦s beautiful price sufficient for me. In my view, if all webmasters and bloggers made good content as you did, the web will likely be a lot more useful than ever before.

  30. A person essentially assist to make significantly posts I’d state. That is the first time I frequented your website page and to this point? I amazed with the analysis you made to make this particular post incredible. Magnificent process!

  31. Rather nice article . I couldn’t agree more on the message provided.

    What do you reflect on around my site ? chemical peel before and after

  32. Thank you for the sensible critique. Me & my neighbor were just preparing to do a little research about this. We got a grab a book from our local library but I think I learned more from this post. I’m very glad to see such great info being shared freely out there.

  33. I’ve learn several excellent stuff here. Definitely worth bookmarking for revisiting. I surprise how much attempt you place to make any such fantastic informative web site.

  34. Hi! I know this is somewhat off topic but I was wondering which blog platform are you using for this website? I’m getting fed up of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be great if you could point me in the direction of a good platform.

  35. I will immediately snatch your rss as I can not in finding your e-mail subscription hyperlink or newsletter service. Do you have any? Please allow me know so that I may subscribe. Thanks.

  36. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You obviously know what youre talking about, why waste your intelligence on just posting videos to your weblog when you could be giving us something informative to read?

  37. This is a extremely captivating post. Report register my site Royal CBD gummies

  38. I found your this post while searching for information about blog-related research … It’s a good post .. keep posting and updating information. advice |

  39. This writing article support review is basically standard. This review is extremely useful to students accumulated some essay writing details for good essay. Such a essay writing articles are extremely impressive in order to viewers. Thank you pertaining to sharing your notions. anchor |

  40. F*ckin’ remarkable issues here. I’m very happy to look your post. Thanks a lot and i am looking forward to touch you. Will you please drop me a mail?

  41. Its fantastic as your other articles : D, thankyou for putting up.

  42. This blog writeup was helpful.

  43. Merely wanna remark that you have a very nice site, I the design it really stands out.

  44. This blog article was helpful.

Comment here