President Muhammadu Buhari on Tuesday presented the 2020 N10.33 trillion Appropriation Bill to the National Assembly, describing the document as one of fiscal consolidation.
He expressed the hope that an early treatment of the appropriation bill would restore the country to the January – December financial year.
In his budget speech, the president emphasised the essence of the 2020 budget.
According to him, the budget is designed to be one of fiscal consolidation, to strengthen the nation’s macroeconomic environment; investing in critical infrastructure, human capital development and enabling institutions, especially in key job creating sectors; incentivising private sector investment essential to complement the Government’s development plans, policies and programmes; and enhancing social investment programmes to further deepen their impact on those marginalised and most vulnerable Nigerians.
The president said the total Federal Government revenue in 2020 is N8.155trillion comprising oil revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenue of N3.7trillion.
“This is seven per cent higher than the 2019 comparative estimate of N7.594 trillion inclusive of the Government Owned Enterprises,’’ said.
Expressing his appreciation over the obvious support the Executive arm of government is enjoying from the National Assembly, the president said: “Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, this speech would be incomplete without, once again, commending the patriotic resolve of the 9th National Assembly to collaborate with the Executive in the effort to deliver inclusive growth and enhance the welfare our people. I assure you of the strong commitment of the Executive to deepen the relationship with the National Assembly.”
