Budget deficit expected is N2.8 trillion.
The 2020 budget estimate is N8.156trn while Oil revenue is put at N2.64trn while non-oil revenue is put at 1.81trn. said the president.
Debt service for 2020 is put at N2.45trn while N125bn allocated to the National Assembly.
A total of N110bn allocated to the judiciary, N37.83bn for the North East Development Commission, N44.5bn for the Basic Healthcare provision fund.
Capital expenditure is put at N721.33bn which, he said, is 23 per cent lower than that of 2019.
The president said the main emphasis is the completion of ongoing projects and commencement of new ones.
Buhari opined that more products to benefit from VAT exemption. They include bread, cereals of all kind, fish, meat, starch, root crops, poultry, milk, natural water, table water.
Salaries of all federal workers must be captured in the Integrated Personnel Payment Information System (IPPIS) before end of October.
All MDAs must seek approval before embarking on new recruitment. Any violation to attract severe penalty, Buhari said.
Earlier, President of the Senate , Senator Ahmed Lawan assured that committees of both chambers of the National Assembly will conclude work on the 2020 budget estimate before the end of October.
Senator Lawan, therefore, directed all Ministers and Heads of MDAs to appear before National Assembly committees to defend their budget promptly before the end of the month.
He said the lawmakers will bring to bear the same commitment with which it passed the Medium Term Expenditure Framework which is a prelude to the budget
Buhari said the executive arm will deepen relationship with the National Assembly in antispation that the passage of the budget will be swift so that FG can revert to the January to December budget window.
President reels out the economic performance of his administration aying that his adiminstration has succeeded in significantly reducing inflation from18.72 per cent in January 2017 to 11.02 per cent by August 2019, he said.
The receipts from VAT in the last budget year were below expectation, Mr Buhari says giving reasons such as the last general elections.
Capital inflow into Nigeria by end of first quarter of 2019 stands at $14 billion as against $12 billion within the same period in 2018, says Buhari
We met our budget servicing obligations, Mr Buhari says.
The MTEF set out the parameters for the 2020 budget, the president says.
Honourable Femi Gbajabiamila who is the speaker of the House of Reps, in his closing remarks, echoing the Senate president Lawan's earlier remark promised cooperation and speedy implementation on the part of the National Assembly.
A total of N110bn allocated to the judiciary, N37.83bn for the North East Development Commission, N44.5bn for the Basic Healthcare provision fund.
Capital expenditure is put at N721.33bn which, he said, is 23 per cent lower than that of 2019.
The president said the main emphasis is the completion of ongoing projects and commencement of new ones.
Buhari opined that more products to benefit from VAT exemption. They include bread, cereals of all kind, fish, meat, starch, root crops, poultry, milk, natural water, table water.
President said MDAs were not allowed to include new projects in their 2020 budget estimate. Provision made for the completion of ongoing projects while those that are not likely to be concluded before the end of the year are rolled over to 2020.
All MDAs must seek approval before embarking on new recruitment. Any violation to attract severe penalty, Buhari said.
Budgetary allocations to ministries as announced by PMB:
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 Dec Commission – N38 billion
SIPs – N30 billion
FCT – N28 billion
Niger Delta – N24 billion
He thanked the lawmakers for the opportunity and the Minister of Finance, Zainab Ahmed, would release details of the budget subsequently.
We remain resolutely committed to our visions for all Nigerians, he said.
He said expenditure in the 2019 budget was hindered by delay in the budget defence, adding that capital releases commenced in the third quarter.
He urged the National Assembly to stop the unnecessary practice of budget delay to enable the 2020 budget come into effect by 1st January 2020.
The president said he has directed the stoppage of the salary of any federal government staff that is not captured on the integrated payroll and personnel information (IPPIS).
President Buhari says he will forward two petroleum industry bills to NASS very soon. He sought the quick passage of the bills.
I assure you of the strong commitment of the Executive to deepen the relationship with the NASS – President Buhari
May God bless the Federal Republic of Nigeria, President Buhari says as he concludes the budget presentation.
Alongside the bill, the President is presenting a Finance Bill for consideration by the Senate.
The bill, he said, provides for incremental but necessary changes into the fiscal law.
He said the bill seeks to establish a domestic tax law to align with global best practices as well as support Small and Medium Scale Enterprises.
The president said the 2020 bill is based on the new VAT rate – which will help finance health, education, and infrastructural programmes.
Transportation – N123 billion
UBEC – N112 billion
Defence – N100 billion
Agriculture – N83 billion
Water Resources – N82 billion
Education – N48 billion
Health – N46 billion
North East Dec Commission – N38 billion
SIPs – N30 billion
FCT – N28 billion
Niger Delta – N24 billion
He thanked the lawmakers for the opportunity and the Minister of Finance, Zainab Ahmed, would release details of the budget subsequently.
We remain resolutely committed to our visions for all Nigerians, he said.
He said expenditure in the 2019 budget was hindered by delay in the budget defence, adding that capital releases commenced in the third quarter.
He urged the National Assembly to stop the unnecessary practice of budget delay to enable the 2020 budget come into effect by 1st January 2020.
The president said he has directed the stoppage of the salary of any federal government staff that is not captured on the integrated payroll and personnel information (IPPIS).
President Buhari says he will forward two petroleum industry bills to NASS very soon. He sought the quick passage of the bills.
I assure you of the strong commitment of the Executive to deepen the relationship with the NASS – President Buhari
May God bless the Federal Republic of Nigeria, President Buhari says as he concludes the budget presentation.
Alongside the bill, the President is presenting a Finance Bill for consideration by the Senate.
The bill, he said, provides for incremental but necessary changes into the fiscal law.
He said the bill seeks to establish a domestic tax law to align with global best practices as well as support Small and Medium Scale Enterprises.
The president said the 2020 bill is based on the new VAT rate – which will help finance health, education, and infrastructural programmes.
Senator Lawan, therefore, directed all Ministers and Heads of MDAs to appear before National Assembly committees to defend their budget promptly before the end of the month.
He said the lawmakers will bring to bear the same commitment with which it passed the Medium Term Expenditure Framework which is a prelude to the budget
The receipts from VAT in the last budget year were below expectation, Mr Buhari says giving reasons such as the last general elections.
Capital inflow into Nigeria by end of first quarter of 2019 stands at $14 billion as against $12 billion within the same period in 2018, says Buhari
We met our budget servicing obligations, Mr Buhari says.
The MTEF set out the parameters for the 2020 budget, the president says.
Sources: The Nations / Premium times / LNP
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