President Muhammadu Buhari today presented the 2020 Appropriation budget to the joint session of the National Assembly (NASS). The Federal government is proposing an estimated N10.729 trillion as total expenditure in the 2020 budget.
The amount represents an increase of 9.75 per cent over N8.916 trillion budgeted for 2019.President Muhammadu Buhari while presenting the budget said debt servicing in the 2020 budget will gulp N2.45trn, out of which local debts would take N296bn. The overhead cost will be N426.6bn.
The President also revealed that the key assumptions of the budget were based on an oil production capacity of 2.18 million barrels per day, a crude oil price of $55 per barrel, against $60 per barrel last year, and exchanged rate of N305 to the dollar. On inflation rate for the year, an average of 10.81 per cent, with nominal consumption figure of about N122.75 trillion and nominal gross domestic product of N142.96 trillion. The GDP growth rate is put at about 2.93 per cent.
The President further revealed that the NASS would spend N125bn in the next budget year, while the judiciary will get N110bn.
Unlike the previous year where the president was interrupted intermittently by lawmakers with jeers and cheers, he had a warm reception by the lawmakers during the budget presentation.
