The Breakdown of 2020 Budget - TND Online News - THE NEW DAWN ONLINE

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Wednesday, December 18, 2019

The Breakdown of 2020 Budget - TND Online News


President Muhammadu Buhari has signed the 2020 budget into law. This will make it the first time Nigeria's budget will be signed by the President before the budget year, since the return of democracy; thereby, returning the nation into a 12-month budget cycle.

Both Nigerian Senate and the House of Representatives passed the 2020 Appropriation Bill into two weeks ago.

President Mohammadu Buhari presented a proposed budget of ₦10.33tn to a joint sitting of the National Assembly on October 8, but an estimate of ₦10.59tn was passed for spending in the 2020 fiscal year.

Breakdown:

The President signed the budget with the breakdown as follows:

Statutory transfer - ₦560.47 billion

Debt service – ₦2.73 trillion

Recurrent expenditure – ₦4.84 trillion

Capital expenditure – ₦2.47 trillion

Fiscal Deficit – ₦2.28 trillion

Deficit/GDP – 1.52%

Crude oil price benchmark - $57

Crude Oil Production - 2.18m barrels per day

GDP Growth Rate - 2.93%

Inflation Rate - 10.81%

Exchange Rate - ₦305/$1

How The ₦10.59 Trillion Will Be Spent

Works and Housing: N262 billion

National Assembly: N125 billion

Judiciary: N110 billion

Power: N127 billion

Transportation: N123 billion

Universal Basic Education Commission: N112 billion

North East Development Commission: N37.83 billion

Defence: N100 billion

Industry, Trade & Investment: N40 billion

Social Investment Programmes: N30 billion

FCT: N28 billion

Health: N46 billion

Niger Delta Ministry: N24 billion

Interior: N35 billion

Zonal Intervention Projects: N100 billion

Agriculture and Rural Development: N83 billion

Water Resources: N82 billion

Niger Delta Development Commission: 81 billion

Education: N48 billion

Capital Projects: N2.46 trillion

Budget Key Facts

• Nigeria will be spending a total of ₦10.59 trillion in year 2020

• The signed budget was increased by N264bn by the National Assembly

• It is Nigeria's most ambitious budget ever

• It is tagged Budget of Sustaining Growth and Job Creation

• It is the quickest-signed budget in 11 years

• The total estimate is ₦1.4tn higher than 2019 budget of ₦8.9tr

• It will run from January-December 2019, thereby, returning the nation to 12 calendar-month budget

• Its deficit of ₦2.18tn is about 1.52% of the estimated GDP

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