Buhari Presents N10.3tr 2020 Budget Bill To National Assembly:-President Muhammadu Buhari has presented a n10.33 trillion appropriation bill to a joint sitting of the national assembly for the 2020 fiscal year.
The bill is based on $57 oil benchmark price for a barrel of crude oil, and the daily production of 1.86 million barrels of crude oil daily.
The bill also include the 7.5 value added tax.
The projected revenue is n8.15 trillion, including n3.15 trillion from oil export, n1.18 trillion from non oil revenue and n3.7 trillion from other sources
The bill makes provision of n2.45 trillion to service debts, including n296 billion local debts, overhead costs of n426.6 billion, judiciary (n110 billion) and n25 billion for the national assembly.
Other major votes in the bill, include works and housing (n262 billion), transportation (n123 billion), universal basic education (n112 billion), defence (n100 billion), agriculture (n83 billion), and water (n82 billion)
N81 billion is also allocated to Niger Delta ministry, n48 billion to education, , n46 billion to health, n30 billion to social intervention programme and n28 billion to federal capital territory.
Buhari urges the national assembly to accelerate work on the bill to return the country to the january-december budget cycle
Meanwhile, the national assembly has promised to accelerate its deliberations on the 2020 appropriation bill.
Senate President, Ahmad Lawan, gives the assurance in his opening address at the presentation of the bill by president Muhammadu Buhari before a joint sitting of the national assembly.
He spoke on the objectives of the bill
The Senate President says the national assembly intends to conclude the defense of the budgetary estimates by federal ministries, department and agencies by October.
The senate president adds that other legislative process for the bill will be completed in november, preparatory to its passage in december.
He urges all federal mdas to turn up before the various committees of the national assembly for the defense of their allocations in the proposed budget..