2020 Budget: See Allocations For Education, Agriculture, Defence, Others
President Muhammadu Buhari on Tuesday presented a N10.33 trillion 2020 budget before a joint session of the National Assembly.
The 2020 budget described by Buhari as a budget of ‘fiscal consolidation’ makes it the first the president will be presenting before NASS since his re-election for second term on February 23, 2019.
Advertisement
The National Assembly had increased the 2020 budget from N10.002 trillion to N10.33 trillion after reviewing the 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) last week Thursday.
The N727 billion increment was approved by the extraordinary session of the Federal Executive Council (FEC) presided over by President Buhari on Tuesday.
The current administration intends to revert to the January-December budget cycle beginning with the 2020 budget.
President Buhari announced during the presentation that the budget will be anchored on $57 per barrel while its tax revenue will be anchored on 7.5% VAT rate.
Advertisement
In the budget, N125 billion was allocated to the National Assembly while N110 billion was allocated to the Judiciary.
Other allocations in the budget were given as:
- Works and Housing – N262 billion
- Transportation – N123 billion
- UBEC – N112 billion
- Defence – N100 billion
- Agriculture – N83 billion
- Water Resources – N82 billion
- Education – N48 billion
- Health – N46 billion
- North East Development Commission – N38 billion
- Social Investment Programmes (SIPs) – N30 billion
- FCT – N28 billion
- Niger Delta – N24 billion
