2020 Budget: Buhari Proposes N10 Trillion

In News 2019-10-08 18:25:58
2020 Budget: Buhari Proposes N10 Trillion
2020 Budget: Buhari Proposes N10 Trillion

By Samuel Victor Akpan


President Muhammadu Buhari today presented the 2020 Budget Proposal to the joint session of the National Assembly. The budget has an aggregate expenditure of N10.33trn.


The expenditure estimates include statutory transfers of N556.7bn, non-debt recurrent expenditure of N4.88trn and N2.14trn of capital expenditure (excluding the capital component of statutory transfers),


Debt service is estimated at N2.45trn while provision for Sinking Fund to retire maturing bonds issued to local contractors is N296bn.


As regards Statutory Transfers, N556.7bn has been provided for that which includes: N125bn for the National Assembly, N110bn for the Judiciary, N37.83bn for the North East Development Commission (NEDC), N44.5bn for the Basic Health Care Provision Fund (BHCPF), N111.79bn for the Universal Basic Education Commission (UBEC) and N80.88bn for the Niger Delta Development Commission (NDDC), which is now supervised by the Ministry of Niger Delta Affairs.


The President who in his opening address reiterated his administration’s resolute commitment to the actualization of a vision of a bright and prosperous future for all Nigerians noted that the economic environment in Nigeria remains challenging and therefore solicited the cooperation of the legislature to turn around the fortunes of the country.


The 2020 Appropriation is designed to be a budget of four key areas which include: Fiscal consolidation to strengthen macroeconomic environment; Investment in critical infrastructure, human capital development and enabling institutions, especially in key job-creating sectors.


Others include: 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 marginalized and most vulnerable Nigerians.


Some of the key capital spending allocations in the 2020 budget include: Works and Housing (N262bn), Power (N127bn), Transportation (N123bn), Universal Basic Education Commission (N112bn), Defence (N100bn), Zonal Intervention Projects (N100bn), and Agriculture and Rural Development (N83bn).


Others are: Water Resources (N82bn), Niger Delta Development (N81bn), Education (N48bn), Health (N46bn), Industry, Trade and Investment (N40bn), North East Development Commission (N38bn), Interior (N35bn), Social Investment Programmes (N30bn), Federal Capital Territory (N28bn) and Niger Delta Affairs Ministry (N24bn)