On the 8th of October, 2019, President Muhammadu Buhari presented the 2020 budget proposal (titled: Budget of sustaining growth and job creation) to a joint session of the National Assembly.
The president stated that the budget aims to deepen his administration’s impact on the marginalized and vulnerable Nigerians. The Government proposes to increase expenditure by 16% from the N8.92 trillion in 2019 to N10.33 trillion in 2020.
- A total of N2.45 trillion for debt servicing in the fiscal year. This represents about one-fourth of the total budget.
- Recurrent (Non-debt) expenditure continues to take the lion share of the budget as the N4.88 trillion proposed for it represents 46% of the total expenditure.
- Capital expenditure accounts for 20.7% of the budget. This is a decrease from the 23.4% capital allocation for 2019.
- The projected revenue in the year is N8.15 trillion. This is a 16% increase from the N7 trillion projection for 2019.
- The benchmark oil price is put at $57 per barrel as against the $60 per barrel estimated for 2019, while the exchange rate was put at $1 to N305.
- Crude oil production was put at 2.18 million barrels per day.