Nigeria’s 2020 budget decreases compared to 2019

2019-09-11 13:50:22

The proposed 2020 budget is lower compared to the 2019 budget of U.S.$29 billion. Finance Minister Zainab Ahmed has disclosed that the 2020 budget is predicated on certain key assumptions, including oil production of 2.18 million barrels per day, a benchmark oil price of U.S.$55 per barrel, an exchange rate of N305 per dollar, and a projected revenue of N7.6 trillion.

Economic analysts yesterday expressed reservations over the federal government's projected budget of N9,789,243.466 for 2020, saying the figure ought to be more in the region of N12trillion.

The federal government had unveiled the draft 2020-2022 Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper (FSP) with a projected total budget of N9,789,243.466 for next year.

It also expressed concern that the country faces significant medium term fiscal challenges, especially with respect to revenue generation and rapid growth in personnel costs.

The total budget (excluding that of government-owned enterprises, GOEs) is N8.907,940,657.001.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who unveiled the 2020-2022 Medium Term MTEF/FSP, which guides government's fiscal plan, in Abuja, Tuesday, disclosed that the 2020 budget is predicated on certain key assumptions, including oil production of 2.18 million barrels per day (mbpd), a benchmark oil price of $55 per barrel, an exchange rate of N305 per dollar, and a projected revenue of N7.6 trillion.

BS

Tags:
Comments(0)