President Muhammadu Buhari has today presented a budget of N10.33 trillion for the 2020 fiscal year before a joint session of the National Assembly.
The president while presenting the Budget described it as a Budget of Fiscal Consolidation to strengthen Nigeria’s macroeconomic environment: investing in critical infrastructure, human capital development and enabling institutions, especially in key job-creating sectors.
President Buhari said the 2020 budget is based on the new VAT rate, adding that the increased revenues will be used to fund education, health, and infrastructure.
The increase in the budget also reflects the new national minimum wage.
In terms of allocation to ministries, the president announced the following allocations to respective ministries.
Works and Housing – N262 billion
Transportation – N123 billion
UBEC – N112 billion
Defence – N100 billion
Agriculture – N83 billion
Water Resources – N82 billion
Education – N48 billion
Health – N46 billion
North East Dev Commission – N38 billion
SIPs – N30 billion
FCT – N28 billion
Niger Delta – N24 billion
