PH Mundial – Port Harcourt Online Newspaper News Across The Region
Related Articles
By Paul Williams, Abuja
President Muhammadu Buhari has presented an appropriation bill of N10.729 trillion for the 2020 fiscal year before a joint session of the 9th National Assembly Tuesday.
Presenting the 2020 budget, President Buhari explained that the budget is predicated on the benchmark oil price of $57, at 2.18 million barrel per day production, exchange rate of N305 for a dollar, and proposed VAT increase from 5% to 7.5%.
On budget breakdown, President Buhari pointed out that N2.46 trillion is proposed for capital projects, while allocations to ministries are as follows: works & housing – N262 billion, power – N127 billion, transportation – N123 billion, UBE – N112 billion, defense – N100 billion, zonal intervention projects – N100 billion, agriculture & rural development – N83 billion, water resources – N82 billion, Niger Delta – N81 billion, education – N48 billion, social works – N30 billion and FCT – N28 billion.
The President noted that the main emphasis will on the completion of ongoing projects instead of starting new ones.
He further explained that debt services is estimated at N2.45 trillion, but pointed out that Nigeria remains committed to meeting its debt service obligation.
He however said his administration will raise the threshold for VAT registration to N25 million turnover per annum, to bring relief to our small scale businesses, stressing that the receipt from VAT in the last budget year was below expectation.
Our Abuja correspondent reports that the president in his address directed the stoppage of salaries of staff not captured in the Integrated Payroll and Personnel Information system (IPPIS) by end of October, 2019.
In his welcome address, the Senate President, Senator Ahmad Lawan, commended the executive arm for the early submission of the budget, and assured the readiness of the National Assembly to beat the deadline target restoring the budget year timetable from January to December, and reinstate the cooperation of the legislature and the executive towards enhancing the wellbeing of Nigerians.
