President Muhammadu Buhari on Tuesday, presented the 2020 national budget estimates to a joint sitting of the National Assembly.
Naija News reports that the presentation started with a short welcome address from the Senate President, Ahmad Lawan who assured that committees of both chambers of the National Assembly will conclude work on the 2020 budget estimate before the end of October.
Lawan, therefore, directed all Ministers and Heads of MDAs to appear before National Assembly committees to defend their budget promptly before the end of the month.
Speaking on the budget estimates, President Muhammadu Buhari revealed that the nation’s Gross Domestic Product has grown from 1.93 percent in 2018 to 2.02 percent in the first half of 2019 and the external reserves rose from $23bn in October 2016 to $42bn in Sept 2019.
The president promised that his government will raise the threshold for VAT registration to N25m turnover per annum, to bring relief to small(est) businesses.
Other issues captured in the budget is the increment for the National Human Rights Commission (NHRC) revenue from N1.5 billion to N2.5 billion.
N2.46 trillion is proposed for capital projects.
Below is some of the budget 2020 allocations for some MDAs as announced by President Buhari during his presentation.
- Works & Housing – N262bn
- Transportation – N123bn
- UBEC – N112bn
- Defence – N100bn
- Agriculture – N83 bn
- Water – N82bn
- Niger Delta – N81bn
- Education – N48bn
- Health – N46bn
- NEDC – N38bn
- SIP – N30bn
- FCT – N28bn
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