FG proposes N9.79 trillion budget for 2020

FG proposes N9.79 trillion budget for 2020

- The minister of finance, budget and national planning, Zainab Ahmed, says the federal government will propose about N9.79 trillion as total expenditure in the 2020 budget

- The figure represents a 9.75 percent increase from the N8.916 trillion spending for 2019

- Inflation rate for the year is projected at an average of 10.81 percent, with nominal consumption figure of about N122.75 trillion

The minister of finance, budget and national planning, Zainab Ahmed, says the federal government will propose about N9.79 trillion as total expenditure in the 2020 budget to the National Assembly.

Ahmed made the disclosure at a public consultation forum with civil society groups and agencies on the draft 2020-2022 Medium Term Expenditure Framework on Tuesday, September 10, Premium Times reports.

Legit.ng notes that the figure represents a 9.75 percent increase from the N8.916 trillion spending for 2019.

Ahmed said the budget’s key assumptions were based on crude oil price of $55 per barrel, against $60 per barrel in 2018, an oil production capacity of 2.18 million barrels per day, and exchange rate of N305 to the dollar.

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She added that inflation rate for the year is projected at an average of 10.81 percent, with nominal consumption figure of about N122.75 trillion and nominal gross domestic product of N142.96 trillion.

The government has pegged the GDP growth rate at about 2.93 percent.

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Meanwhile, Legit.ng previously reported that the federal government will commence recovering the N614 billion bailout fund loaned to the state governments this month, September.

The minister of finance explained that the funds will be deducted from states' monthly Federation Account Allocation Committee (FAAC) disbursements.

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Source: Legit

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