Works and Housing get lion share as Buhari presents budget of ‘fiscal consolidation’ for 2020
London, Oct. 8, 2019 (AltAfrica)-Nigerian President Muhammadu Buhari on Tuesday presented the year 2020 budget proposal to a joint session of the National Assembly with Works and Housing getting the lion share of N262 billion
President Buhari, who arrived the National Assembly chambers at about 2 p.m announced N125 billion was allocated to the National Assembly while N110 billion was budgeted for the Judiciary.
The president described it as a budget of Fiscal Consolidation to strengthen Nigeria’s macroeconomic environment; investing in critical infrastructure, human capital development and enabling institutions, especially in key job-creating sectors.
In terms of allocation to ministries, the president announced the following allocations to respective ministries.
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 Dec Commission – N38 billion
SIPs – N30 billion
FCT – N28 billion
Niger Delta – N24 billion
President Buhari said the 2020 budget is based on the new VAT rate. The increased revenues will be used to fund education, health, and infrastructure.
The increase in the budget also reflects the new national minimum wage.
The budget proposal was prepared based on the following assumptions: Benchmark of $57 per barrel, daily oil 1.86million barrel per day,
Unlike the previous year where the president was interrupted intermittently by lawmakers with jeers and cheers, he was given a warm reception by the lawmakers with rousing applause at the end of his presentation.
In his speech before the presentation, Senate President Ahmed Lawan charged all government ministries, departments and agencies to defend their proposals before lawmakers before the end of October.
Mr Lawan said the lawmakers would ensure the budget is passed before the end of the year