Budget 2020: President Buhari send 10.33 trillion naira budget based on 7.5% VAT to Nigeria National Assembly
Nigeria President Mohammadu Buhari present 10.33 trillion naira as goment 2020 spend money plan to National Assembly on Tuesday.
President Muhammadu Buhari dey President di 2020 budget estimate on Tuesday Di capital expenditure for 2020 wey be di money wey di goment plan to spend ontop projects next year dey less than di one inside 2019 budget. Buhari say capital expenditure inside 2020 budget go be 721.33 billion naira wey according to him, be 23% less than di spend mony plan of 2019. Di 2020 Budget go dey based on di new VAT rate of 7.5% according to President Buhari. Na di ministries wey Babatunde Fashola, Saleh Mamman and Chibuike Amaechi dey control as ministers collect di lion shares for di budget breakdown. See di break down of di spend moni plan wey Buhari announce: a. Works and Housing: N262 billion b. Power: N127 billion c. Transportation: N123 billion d. Universal Basic Education Commission: N112 billion e. Defence: N100 billion f. Zonal Intervention Projects: N100 billion g. Agriculture and Rural Development: N83 billion h. Water Resources: N82 billion i. Niger Delta Development Commission: N81 billion j. Education: N48 billion k. Health: N46 billion l. Industry, Trade and Investment: N40 billion m. North East Development Commission: N38 billion n. Interior: N35 billion o. Social Investment Programmes: N30 billion p. Federal Capital Territory: N28 billion q. Niger Delta Affairs Ministry: N24 billion Buhari tell di national assembly say Minister of Finance, Zainab Ahmed, go release details of di 2020 spend money plan later. Statutory transfers Di spending plan estimate include statutory transfers of N556.7 alias money wey different arms of goment and agencies dey collect, non-debt recurrent expenditure of N4.88 trillion alias money wey dem got take run goment and N2.14 trillion of capital expenditure billion (wey no get capital component of statutory transfers). Di debt service estimate na N2.45 trillion, and provision for Sinking Fund to retire maturing bonds issued to local contractors is N296 billion. 2020 BUDGET TARGETS Distinguish Senators, Honourable Members, make I know face di 2020 Appropriation, wey be budget of: a. Fiscal consolidation, to strengthen our macroeconomic environment; b. Investing for critical infrastructure, human capital development and enabling institutions, especially for key job creating sectors; c. Incentivising private sector investment essential to complement the Government's development plans, policies and programmes; and d. Enhancing our social investment programs to further deepen their impact on those marginalised and most vulnerable Nigerians.