By Godson Ikiebey-
President Muhammadu Buhari has presented the 2020 appropriation bill with total expenditure of N10.33 trillion to the national assembly.
While presenting the budget on Tuesday, October 8, 2019, President Buhari said the federal government is targetting a revenue of N8.155 trillion; N2.64 trillion from oil revenue, N1.8 trillion from non-oil tax revenue and N3.7 trillion from other revenues.
According to President Buhari, the appropriation bill is based on the new VAT rate “which will help finance health, education, and infrastructural programmes”.
Debt servicing in the budget is pegged at N2.45 trillion out of which local debts would take N296 billion with N426.6 billion set as overhead cost.
The oil benchmark is set at $57 at 2.18 million barrels per day with capital projects gulping N2.46 trillion.
A breakdown of the budget’s statutory transfers show that the national assembly got N125 billion, the judiciary got N110 billion, the National Human Rights Council (NHRC) got 2.5 billion, while constituency projects got N100 billion.
A total of N37.8 billion was budgeted for the North-East Development Commission; N44.5 bullion for basic healthcare provision fund; N112 billion for Universal Basic Education Commission (UBEC) and N80.8 billion for the Niger Delta Development Commission (NDDC). The president said:
“MDAs are not allowed to admit new projects into their provisions unless adequate provisions are made for the completion of ongoing projects”.
Other provisions include: N55 billion for presidential amnesty programme, N262 billion for ministry of works and housing, N127 billion for ministry of power, N123 billion for ministry of transportation and N100 billion for ministry of defence.
Others are N83 billion for ministry of agriculture and rural development, N82 billion for ministry of water resources, N48 billion for ministry of education and N46 billion for ministry of health.
The ministry of industry, trade and investment got N40 billion while the ministry of interior got N35 billion. The social investment programmes and the federal capital territory got N30 billion and N28 billion respectively.