nigeria's 2020 budget breakdown
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. This represents about one-fourth of the total budget. All Rights Reserved. The economy has grown by 2.01% in the first half of this year. Nigeria needs to brace for an extended foreign exchange rate crisis as oil markets face a tough year-end, which analysts see as impacting the economy of Africa’s most populous country. It starts off by retrospecting on the gains the economy has recorded since its recovery from recession, ranging from, economic diversification, … In September 2019, the Nigerian government through the Minister of Health, Dr Osagie Ehanire, launchedthe first phase o… Digital Securities Business Is About To Bloom, A Different Perspective To Employer`s Liability For Anti-Competitive Behaviors: Arçelik's Application For Leniency, Losing The Battle, Winning The War? However, the capital investment required for this level of growth is 26-28% of GDP […]. You may not use electronic or other means to extract details or information from the Content. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). That’s 7% higher than the budgeted estimates for this year. According to the President, the 2020 national budget has been estimated at N8.155 trillion. “The question is how do you transition from an oil distribution state to a tax collection state,” says Nonso Obikili, chief economist at the Lagos-based Business Day. Buhari, who arrived the National Assembly chambers at about 2 p.m., presented the budget to lawmakers. The president announced that N125 billion was […] Revised 2021-2023 Medium Term Fiscal Framework 08/10/2020 2020 Second Quarter and Half Year BIR 07/10/2020 2020 First Quarter Budget Implementation Report 05/10/2020 The Africa Report uses cookies to provide you with a quality user experience, measure audience, and provide you with personalized advertising. We are approaching when almost all our revenue will go into debt servicing, quite scary. The content of this article is intended to provide a general Nigeria is still recovering from a recession which it formally exited in early 2017. Will our revenue hit N6 trillion next year? Only you can think nah! In terms of allocation to ministries, the president announced the following allocations to respective ministries. Though it is noteworthy that public procurement is a national activity, it is keenly gauged by international bodies like World Bank, World Trade Organization, In recent years throughout the Gulf Cooperation Council (GCC) bloc there has been a necessary shift to open up their capital markets to foreign investment. Oil revenue is put at N2.64trn while non-oil revenue is put at 1.81trn. Nigeria’s revenue service has pulled in just 58% of the targeted amounts so far for this year, triggering a war of words between Buhari’s office and the outgoing chairman of the revenue service, Babatunde Fowler. The business community is even more sceptical. Select your topics and region of interest: SCROLL FULLY DOWN TO READ THE TERMS AND CONDITIONS. According to the President, the 2020 national budget has been estimated at N8.155 trillion. The budget speech stated that the 2020 capital budget “is N721.33 billion (or 23%) lower than the 2019 budget provision of N3.18 trillion…”. Four reportedly arrested as police attack peaceful protesters in Abuja, Government urges calm as ‘strange’ disease kills dozens in Enugu, APC Caretaker committee lied, Zamfara dispute not resolved – Marafa, Trump alleges ‘horror stories about election fraud’, Biden calls for calm, Governor intervenes after Abia University asks students to pay N15,000 ‘pandemic prevention fee’, Ladoja’s impeachment not linked to my ‘non-existent third term bid’ – Obasanjo, Businessman pays fine. He is a graduate of Theatre and Media Arts from Nasarawa State University, Keffi, where he also obtained an Masters's degree in Public Relations and Advertising. “The injection of this amount is a mere drop in the ocean,” said Abdullahi, “and is incapable of stimulating the economy to higher growth, wealth creation and employment generation.”, Government must improve tax collection, he added. Post was not sent - check your email addresses! Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq: Yes, I am happy to received promotional communications from Mondaq, No, please do not send me promotional communications from Mondaq. Edit. In fact, tax revenues have fallen well short of target for the past three years. Nor shall you extract information about users or Contributors in order to offer them any services or products. include Works & Housing N262b; Power N127b; Transportation Due to fluctuating oil revenues, several provisions of the 2019 budget were not implemented, a problem acknowledged by the president. They may also use it to provide Mondaq users with information about their products and services. 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To print this article, all you need is to be registered or login on Mondaq.com. The Government proposes to increase expenditure by 16% from the N8.92 trillion in 2019 to N10.33 trillion in 2020. The president announced that N125 billion was allocated to the National Assembly while N110 billion was allocated to the Judiciary. Key capital spending allocations Police Affairs got a large chunk, I don’t know how many entities they service within them, but the policemen we know and see don’t look like they should be mentioned alongside this sort of numbers, they haven’t stopped extorting and harassing their compatriots. The Defence always gets the fattest cheque, and before you talk, they remind you of ‘security’, yet our soldiers are being wasted almost everyday, we only know how to write and read Defence budget, but don’t know how to secure the land and make the inhabitants feel safe, across board. Buhari’s spending plan is also based on the country pumping an average of 2.18 million barrels per day (bpd) at an average price of $57 a barrel. Water Resources – N82 billion Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service. Works and Housing – N262 billion FCT – N28 billion Revised 2020 Budget Approved-FG. Email: [email protected]. Education would always receive a moderate share despite the need to standardize our education system. Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms. i. Based on these budget parameters, aggregate revenue of N5.84 trillion was projected to fund N10.81 trillion in expenditure. Buhari, who arrived the National Assembly chambers at about 2 p.m., presented the budget to lawmakers. Add Comment. Check what is meant for our education sector you will see that our so called rulers are bunch of illiterates. Read our Budget Bulletin below and the Budget breakdown as k. Zonal Intervention Projects – N100 billion. The goal of the fund is to substantially increase revenue and improve Primary Health Care (PHC) as contained in the country’s National Health Act. Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms).

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