2020 Budget: Buhari targets N8.1trn revenue

President Muhammadu Buhari has presented the 2020 appropriation bill with total expenditure of N10.73 trillion to the national assembly.

During the budget presentation on Tuesday, Buhari said the federal government is targeting a revenue of N8.155 trillion.

Debt servicing in the budget is pegged at N2.45trn, out of which local debts would take N296bn, with N426.6bn set as overhead cost.

The oil benchmark is set at $57 at 2.18m 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 N110bn, while constituency projects got N100 billion.

A total of N37.8bn was budgeted for the North-East Development Commission; N44.5bn for basic healthcare provision fund; N112bn for Universal Basic Education Commission (UBEC) and N80.8bn for the Niger Delta Development Commission (NDDC).

Other provisions include: N55bn for presidential amnesty programme,  N262bn for ministry of works and housing, N127bn for ministry of power, N123 billion for ministry of transportation and N100bn for ministry of defence.

The sum of N83 billion was earmarked for ministry of agriculture and rural development, N82bn for ministry of water resources, N48bn for ministry of education and N46bn for ministry of health.

The ministry of industry, trade and investment got N40bn while the ministry of interior for N35bn with the social investment programmes and the federal capital territory got N30bn and N28bn respectively.

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