The president of the Federal Republic of Nigeria, President Muhammadu Buhari, accompanied by members of the Federal Executive Council (FEC) has presented the 2020 budget proposal to a joint session of the National Assembly.
Buhari, who addressed the joint session of National Assembly on Tuesday unveiled a budget of N10.33 trillion tagged “Budget of Sustaining Growth and Job Creation” for the 2020 fiscal year.
DPH NEWS gathered that the Federal Executive Council had earlier proposed N10.007 trillion for the financial year but the figure was increased to N10.33 trillion by the National Assembly.
According to the president, the 2020 budget was 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 added that the budget 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.”
The 2020 budget, according to the president, 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.”
Speaking on sectoral allocation, the president stressed that some of the ministries witnessed major changes when compared to the 2019 Budget.
However, the Ministry of Works and Housing had the highest figure in the budget proposal with a sum of N262bn. Others are: Transportation – N123bn; UBEC–N112bn; Defence–N100bn; Agriculture – N83bn; Water – N82bn;Niger Delta – N81bn; Education – N48bn; Health – N46bn; NEDC – N38bn; SIP – N30bn and FCT – N28bn.
By Bashir Turawa