The final report for the 2020 budget is out. It was presented to the Nigerian Senate today, December 4, by Jubril Barau, the chairman of the Senate Committee on Appropriations.
On October 8, President Muhammadu Buhari presented a bill to a Joint session of the National Assembly, proposing the sum of N10.33 trillion as the budget for 2020.
According to the President, the budget is in tandem with the proposed new VAT rate. Areas like education, health and infrastructure are also inclusive.
The budget was also prepared with the following assumptions; Benchmark of $57 per barrel and daily oil of 1.86 million barrel per day.
The following was contained in the 2020 budget:
- Ministry of Works and Housing- N262 billion
- Ministry of Transportation- N123 billion
- Ministry of Agriculture- N83 billion
- Ministry of Education- N48 billion
- Ministry of Defence- N100 billion
- Ministry of Health- N46 billion
- Universal Basic Education Commission- N112 billion
- Water Resources- N82 billion
- Federal Capital Territory-N28 billion
- Niger Delta Ministry-N24 billion
- North East Dec Commission- N38 billion
- Structural insulated panels (SIPs) – N30 billion
However, the President of the Senate, Ahmed Lawan announced that Appropriation Bill will be distributed among members of the Senate on December 5th.
The recommendations of the budget will be properly deliberated upon before signing into law.