Nigeria’s President Muhammadu Buhari Tuesday formally presented N10.729 trillion for the 2020 fiscal year before a joint session of the National Assembly.
Buhari said the 2020 budget is based on the proposed new VAT rate. The increased revenues will be used to fund education, health, and infrastructure.
The budget proposal was prepared based on the following assumptions: Benchmark of $57 per barrel, daily oil 1.86 million barrel per day.
Buhari said the goal of presenting the 2020 Appropriation Act early to the lawmakers is so it can come into effect on January 1, 2020. He also stated that the main emphasis of the budget is on the completion many ongoing infrastructure projects, instead of starting new ones.
The Ministry of Works and Housing got N262 billion, transportation ministry got a budget of N123 billion, Agriculture ministry received N83 billion.
UBEC got N112 billion, Defence ministry N100 billion, Water Resources was allotted N82 billion, Education sector got N48 billion, health has N46 billion.
North East Dec Commission got N38 billion, SIPs was given a budget of N30 billion, FCT got N28 billion and the Niger Delta ministry got N24 billion.