President Muhammadu Buhari on Tuesday presented the budget for the 2020 fiscal year to the joint session of the National Assembly.
He described the budget as a budget of Fiscal Consolidation to strengthen Nigeria’s macroeconomic environment to be invested in critical infrastructure.
The President said this while presenting the 2020 budget to a joint section of the National Assembly.
The President also urged the National Assembly to accelerate work on the 2020 budget to return the country to a January-December budget cycle.
Buhari said proper implementation of the 2019 Appropriation Act was hindered by the late passage of the bill by the National Assembly and was marred by underperformance.
He specifically urged them to expedite action on the budget like they did on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper, which was considered and passed within one week.
The President said the increase in the budget reflects the new national minimum wage.
President Buhari said the 2020 budget is based on new VAT rate. The increased revenues will be used to fund education, health, and infrastructure.
He said the budget proposal was prepared based on the following assumptions: Benchmark of $57 per barrel, daily oil 1.86million barrel per day.
Unlike the previous year where the president was interrupted intermittently by lawmakers with jeers and cheers, he was given a warm reception by the lawmakers as given a rousing applause at the end of the budget presentation.