President Muhammadu Buhari has on Tuesday presented the 2020 Appropriation Bill to the National Assembly.
The president stated that investing in critical infrastructure is a key component of the fiscal strategy under Budget 2020 Proposals.
Presenting the budget, he said an aggregate sum of N2.46 trillion (inclusive of N318.06 billion in statutory transfers) is proposed for capital projects in 2020.
He also stated that the 2020 capital budget is N721.33 billion (or 23%) lower than the 2019 budget provision of N3.18 trillion, adding that it is still higher than the actual and projected capital expenditure outturns for both the 2018 and 2019 fiscal years, respectively.
President Buhari also revealed that Budget 2020 allocations for some MDAs announced includes:
Works & Housing – N262bn, Transportation – N123bn, UBEC – N112bn,
Defence – N100bn, Agriculture – N83 bn, Water – N82bn, Niger Delta – N81bn, Education – N48bn, Health – N46bn,
NEDC – N38bn, SIP – N30bn, FCT – N28bn,
Ministry of Education: N48bn, UBEC: N112bn.
However, NEDC with N38bn and NDDC with N81bn also have education subhead in their breakdown to complement education in the 2 regions.
President Muhammadu Buhari also disclosed that the Federal Government has increased the budgetary allocation to the National Human Rights Commission from N1.5 billion to N2.5 billion stressing that the 67% increase in funding is done to enable the Commission to perform its functions more effectively.
He also said the Budget 2020, is based on new VAT rate stating that increased revenues will be used to fund education, health and infrastructure.
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