By Godson Ikiebey-
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has broken down the proposed 2020 budget, putting the total revenue at 8.15 trillion naira.
According to her, the total expenditure for the proposed budget stands at 10.33 trillion naira.
Ahmed made the disclosure on Monday, October 14, 2015 during a presentation aimed at discussing the details of the 2020 budget proposal presented to the National Assembly by President Muhammadu Buhari. She said:
“This is the first time in a long time that this presentation is done early in trying to get back to the Jan-Dec budget cycle. Another will be held after passage by NASS”.
She announced that the Federal Government is planning several key reforms including the Strategic Revenue Growth Initiative.
The minister said the proposal is accompanied by a Finance Bill which has five Strategic Objectives, they are:
I. Promoting Fiscal Equity by mitigating instances of regressive taxation.
2. Reforming domestic tax laws to align with global best practices;
3. Introducing tax incentives 4 investments in infrastructure&capital markets.
4. Supporting micro,small&medium-sized businesses in line with Ease of Doing business reforms.
5. Raising revenues for the government.
She explained that the 2020 Appropriation Bill is designed to be a budget of Fiscal consolidation to strengthen our macroeconomic environment; Investing in critical infrastructure, human capital development & enabling institutions especially key job-creating sectors.
And also Incentivising private sector investment essential to complement governments’ development plans, policies & programs; Enhancing our social investment programs to further deepen their impact on marginalized/most vulnerable Nigerians.
Those in attendance at the presentation were the Minister of Information, Lai Mohammed, Minister of State for Transportation, Gbemisola Saraki, Minister of State for Health, Adeleke Mamora, among other government officials.