President Muhammadu Buhari on Tuesday presented a budget of N10.729 trillion to the joint session of the National Assembly for approval for the 2020 fiscal year.
According to the document, some of the ministries witnessed major changes when compared to the 2019 Budget proposal submitted by Buhari
However, the Ministry of Works and Housing had the highest figure in the Budget Bill.
Below is the budget breakdown:
- Buhari to present 2020 Budget proposal to NASS Tuesday – Presidency
- Works & Housing – N262bn
Transportation – N123bn
UBEC – N112bn –
Defence – N100bn
Agriculture – N83bn
Water – N82bn
Niger Delta – N81bn
Education – N48bn
Health – N46bn
NEDC – N38bn
SIP – N30bn
FCT – N28bn
WORKS and Housing Ministry got the lion’s share of President Muhammadu Buhari’s proposed N10.33 trillion 2020 ‘’budget of Sustaining Growth and job creation.”
Sectors heavily favoured in the budget presented to the joint session of the National Assembly include Power, N127 billion; Transportation, N123 billion; Universal Basic Education Commission, UBEC, N112 billion; Defence, N100 billion; and zonal intervention projects, N100 billion
The 2020 Budget is N1.4 trillion higher than the N8.9 trillion budget of 2019.
President Buhari said the 2020 Budget had been designed to be a budget of fiscal consolidation, to strengthen macroeconomic environment; invest in critical infrastructure, human capital development and enable institutions, especially in key job-creating sectors.
According to him, it is also aimed at incentivising private sector investment essential to complement the government’s development plans, policies and programmes; and enhance social investment programmes to further deepen their impact on marginalised and most vulnerable Nigerians.
President Buhari said the expenditure estimate would include statutory transfers of N556.7 billion; non-debt recurrent expenditure of N4.88 trillion; and N2.14 trillion of capital expenditure (excluding the capital component of statutory transfers).
He said debt servicing was estimated at N2.45 trillion, while provision for Sinking Fund to retire maturing bonds issued to local contractors is N296 billion.
President Buhari put estimated 2020 Federal Government revenue at N8.155 trillion, made up of oil revenue N2.64 trillion; non-oil tax revenues, N1.81 trillion; and other revenues N3.7 trillion.
See full budget presentation here