2020 Budget speech delivered by President Muhammadu Buhari | EduCeleb
EduCeleb
8th October 2019
On Tuesday, President Muhammadu Buhari presented the 2020 national budget before a joint session of the National Assembly on Tuesday, 8th October, 2019. Below is the text of his speech.
2020 BUDGET SPEECH:
Budget of Sustaining Growth and Job Creation
Delivered By:
His Excellency, Muhammadu Buhari
President, Federal Republic of Nigeria
At the Joint Session of the National Assembly, Abuja
Tuesday, October 8, 2019
PROTOCOLS
OVERVIEW OF ECONOMIC DEVELOPMENTS IN 2019
PERFORMANCE OF THE 2019 BUDGET
2020 BUDGET PRIORITIES
a.  Fiscal consolidation, to strengthen our macroeconomic environment;
b.  Investing in critical infrastructure, human capital development and enabling institutions, especially in key job creating sectors;
c.  Incentivising private sector investment essential to complement the Government’s development plans, policies and programmes; and
d.  Enhancing our social investment programs to further deepen their impact on those marginalised and most vulnerable Nigerians.
PARAMETERS & FISCAL ASSUMPTIONS UNDERPINNING THE APPROPRIATION BILL AND THE FINANCE BILL
a.  Promoting fiscal equity by mitigating instances of regressive taxation;
b.  Reforming domestic tax laws to align with global best practices;
c.  Introducing tax incentives for investments in infrastructure and capital markets;
d.  Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and
e.  Raising Revenues for Government.
a.  Brown and white bread;
b.  Cereals including maize, rice, wheat, millet, barley and sorghum;
c.  Fish of all kinds;
d.  Flour and starch meals;
e.  Fruits, nuts, pulses and vegetables of various kinds;
f.   Roots such as yam, cocoyam, sweet and Irish potatoes;
g.  Meat and poultry products including eggs;
h.  Milk;
i.   Salt and herbs of various kinds; and
j.   Natural water and table water.
FEDERAL GOVERNMENT REVENUE ESTIMATES
PLANNED 2020 EXPENDITURE
STATUTORY TRANSFERS
a.  N125 billion for the National Assembly;
b.  N110 billion for the Judiciary;
c.  N37.83 billion for the North East Development Commission (NEDC);
d.  N44.5 billion for the Basic Health Care Provision Fund (BHCPF);
e.   N111.79 billion for the Universal Basic Education Commission (UBEC); and
f.   N80.88 billion for the Niger Delta Development Commission (NDDC), which is now supervised by the Ministry of Niger Delta Affairs.
RECURRENT EXPENDITURE
CAPITAL EXPENDITURE
.
a.  Works and Housing: N262 billion;
b.  Power: N127 billion;
c.  Transportation: N123 billion;
d.  Universal Basic Education Commission: N112 billion;
e.  Defence: N100 billion;
f.   Zonal Intervention Projects: N100 billion;
g.  Agriculture and Rural Development: N83 billion;
h.  Water Resources: N82 billion;
i.   Niger Delta Development Commission: N81 billion;
j.   Education: N48 billion;
k.  Health: N46 billion;
l.   Industry, Trade and Investment: N40 billion;
m. North East Development Commission: N38 billion;
n.  Interior: N35 billion;
o.  Social Investment Programmes: N30 billion;
p.  Federal Capital Territory: N28 billion; and
q.  Niger Delta Affairs Ministry: N24 billion.
BUDGET DEFICIT
DEBT SERVICE
SOCIAL INVESTMENT PROGRAMME
OTHER STRATEGIC PRIORITIES IN 2020
CONCLUSION