President Muhammadu Buhari on Tuesday presented the budget for the 2020 fiscal year to the joint session of the National Assembly.
The president while presenting the Budget described it as a budget of Fiscal Consolidation to strengthen Nigeria’s macroeconomic environment to be invested in critical infrastructure.
President Buhari said the 2020 budget is based on the new VAT rate. The increased revenues will be used to fund education, health, and infrastructure.
The increase in the budget also reflects the new national minimum wage.
The budget proposal was prepared based on the following assumptions: Benchmark of $57 per barrel, daily oil 1.86million barrel per day.
At the end of the presentation, the president was given a resounding and rousing applause by the lawmakers.