...Benchmarks $57 per barrel of oil
President Muhammadu Buhari yesterday presented the budget for the 2020 fiscal year to the joint session of the National Assembly with the transport sector allocated N123 billion for the fiscal year.
Buhari, while presenting the Budget described it as a budget of Fiscal Consolidation to strengthen Nigeria’s macroeconomic environment; investing in critical infrastructure, human capital development and enabling institutions, especially in key job-creating sectors.
The President said the 2020 budget is based on the new VAT rate adding that increased revenues will be used to fund education, health, and infrastructure.
The increase in the budget also reflects the new national minimum wage.
The budget proposal was prepared based on the following assumptions: Benchmark of $57 per barrel, daily oil 1.86million barrel per day.
According to the breakdown of allocations announced by President Buhari: Work and Housing top the list of ministries with the highest allocation, followed by the transport sector.
Works and Housing – N262billion, Transportation – N123billion, UBEC – N112billion, Defence – N100billion Agriculture – N83billion, Water – N82billion, Niger Delta – N81billion, Education – N48billion, Health – N46billion .