Nigeria’s 2020 Budget of N10,330,416,607,347.00 Aggregate Expenditure – 10,594,362,364,830 Statutory Transfers – 560,470,827,235 Recurrent Expenditure – 4,842,974,600,640 Capital Expenditure – 2,465,418,006,955 Debt Servicing 2,725,498,930,000 Fiscal Deficit – 2.28 trillion Deficit/GDP 1.52%
The 2020 National budget was debated in pari-material with the Finance bill, Medium Term Expenditure Framework as well as Fiscal Strategy Paper which was earlier approved by the National Assembly. Moreso, some key assumptions and parameters upon which the 2020 budget was hinged showed a slight difference in oil benchmark which was put at $US55 by the Executive while the National Assembly approved $US57.
Other items such as Crude Oil Production of 2.1mbp; GDP growth rate of 2.93%; Inflation rate of 10.81% and Exchange Rate of 305/US$1 were approved by the lawmakers as proposed by the Executive. Committee’s report averred that the increase became necessary to allow intervention in critical areas such as National Security, Road Infrastructure, Mines and Steel Development, Health, Social needs and Water among others, particularly that it would aid development of the country as well.
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Source: DailyPostNGR - 🏆 11. / 59 Read more »
Source: DailyPostNGR - 🏆 11. / 59 Read more »