On October 8, 2019 President Muhammadu Buhari presented the 2020 Budget of Sustaining Growth and Job Creation to the National Assembly.
The Budget Highlights
- The proposed 2020 budget is N10.33 trillion. This is N1.41 trillion higher than the 2019 budget of N8.92 trillion.
- The total estimated revenue is N8.155 trillion. This is N1.15 trillion higher than the 2019 budget of 7.00 trillion
- The 2020 budget deficit stands at N2.18 trillion. This is N0.26 trillion (N260 billion) higher than the 2019 budget deficit of N1.92 trillion.
Below is how the revenue would be obtained;
- Oil revenue of N2.64 trillion. This is N1.05 trillion less than the 2019 budget of N3.69 trillion.
- Non-oil tax revenues of N1.81 trillion.This is N1.88 trillion less than the 2019 budget of N3.69 trillion.
- Other revenues of N3.7 trillion.
Below is what the Federal Government proposes to spend the revenue on;
- Capital Expenditure of N2.14 trillion; this is N0.05 trillion (N50 billion) more than the 2019 budget of N2.09 trillion
- Non-debt recurrent expenditure of N4.88 trillion; this is N0.81 (N810 billion) less than the 2019 budget of N4.07 trillion.
- Debt service of N 2.45 trillion; this is N0.31 trillion (N310 billion) higher than the 2019 budget of 2.14trillion.
- Sinking fund of N 296 billion; this is N186 billion higher than the 2019 budget of N110 billion.
The total amount allocated for statutory transfers is N556.7 billion.
Where will the money go to?
Below is the list;
- N125 billion for the National Assembly;
- N110 billion for the Judiciary;
- N37.83 billion for the North East Development Commission (NEDC);
- N44.5 billion for the Basic Health Care Provision Fund (BHCPF);
- N111.79 billion for the Universal Basic Education Commission (UBEC); and
- N80.88 billion for the Niger Delta Development Commission (NDDC), which
is now supervised by the Ministry of Niger Delta Affairs.
- N2.5 billion for the National Human Rights Commission