Buhari's 2020 Budget Presentation Date Revealed
President Buhari delivering a budget speech before the joint session of the National Assembly (image courtesy: State House)

The 2020 Appropriation Bill will be presented by President Muhammadu Buhari on Tuesday, October 8, to a joint session of the National Assembly.

Senator Adeyeye Adedayo, Chairman Senate Committee on Media and Public Affairs, disclosed this in Abuja while responding to questions from Senate Correspondents in Abuja.

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This is coming after the consideration and passage of the 2020 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) by the Senate.

The passing of the bill followed the presentation and consideration of the report of the Senator Solomon Adeola-led Senate Committee on Finance by the Red Chamber in Abuja.

The upper chamber increased the Federal Government’s proposed expenditure for 2020 from N10.002trillion to N10,729.4trillion.

The Senate also increased the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase.

It also increased the 2020 revenue target by the Nigeria Customs Service (NCS) by N557.4billion, that is, from N942.6 billion to N1.5trillion.

However, the Senate retained the exchange rate at N305 per dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the executive.

President Buhari, currently on a state visit to South Africa, is expected back in the country after three days.