FG Eyes N9.78trn budget for 2020
The Federal Government has presented the medium-term expenditure framework and fiscal strategy paper (MTEF/FSP) where it proposed a total budget of N9.78trn for 2020.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, stated this at the presentation MTEF/FSP in Abuja.
The minister said “oil revenue is projected to decline from N3.688trn in 2019 to N2.367trn in 2020. This is due to lower production and lower oil prices” she said.
Speaking on the government borrowing, she said that hasn’t waned and the FG hasn’t hit the red flags.
On 2019 capital expenditure she said “the aggregate capital expenditure in 2019 was N3.187trn but in 2020, it has been lowered to N2.05trn and the next years, the pattern will be the same thing.”
The Central Bank of Nigeria (CBN) had under the instruction of President Muhammadu Buhari given about N641bn to 35 states to pay backlog of salaries. All the states that benefited got at least N17.5bn.
Based on the 20 year tenure, each state would be debited at least N73m every month from their federal allocations in the next 20 years to offset the debts.