The Minister of Finance, Budget and National Planning, Zainab Ahmed, has broken down the proposed 2020 budget, putting the total revenue at 8.15trillion naira.
She said that the total expenditure for the proposed budget stands at 10.33 trillion naira.
The honorable minister made the disclosure on Monday during a presentation aimed at discussing the details of the 2020 budget proposal presented to the National Assembly by President Muhammadu Buhari.
She said, “This is the first time in a long time that this presentation is done early in an effort to get back to the Jan-Dec budget cycle.
“Another will be held after passage by NASS”.
She announced that the Federal Government is planning several key reforms including the Strategic Revenue Growth Initiative.
According to her, the proposal is accompanied by a Finance Bill which has five Strategic Objectives, they are:
1. Promoting Fiscal Equity by mitigating instances of regressive taxation.
2. Reforming domestic tax laws to align with global best practices;
3. Introducing tax incentives 4 investments in infrastructure&capital markets.
4. Supporting micro,small&medium-sized businesses in line with Ease of Doing business reforms.
5. Raising revenues for the government.
Extract from Presentation Breakdown
See Pictures of Briefing below:
Mrs. Ahmed explained that the 2020 Appropriation Bill is designed to be a budget of Fiscal consolidation to strengthen our macroeconomic environment; Investing in critical infrastructure, human capital development & enabling institutions especially key job-creating sectors.
And also Incentivising private sector investment essential to complement governments’ development plans, policies & programs; iv.
Enhancing our social investment programs to further deepen their impact on marginalized/most vulnerable Nigerians.
Delivering the closing remarks at the end of the Budget 2020 breakdown by the Minister of Finance, the Minster of State for Budget and National Planning Prince Clem Agba said there is a need to create a brand new paradigm for the management of the nations economy through proper planning.
In his words, “To pass the final litmus test, our new push coming on the heels of Mr. President’s commitment to take 100 million Nigerians out of poverty in the next 10 years will be accountable. It will be responsible. It will be inclusive. It will be open, it will be transparent and will require planning.”
“I want to use this opportunity to thank the President and Commander In Chief of the Armed Forces of Nigeria, President Muhammadu Buhari for his unwavering commitment to statecraft and public good. His mandate to return our country to the January to December budget cycle is a great stride towards institutionalizing prediction of the economic direction of our dear country. This we believe will improve the confidence of investors and development partners in our economy with concomitant growth and development.”
Thanks to my dear sister, the Hon. Minister of Finance, Budget and National Planning for her industry and commitment to the attainment of a sound financial management of Nigerias resources.”
Prince Agba also thanked Members of the National Assembly for their readiness to ensure a speedy passage of the 2020 budget saying he believes it will usher in a new direction in National Planning and Development.
He lauded the governments championing of the Open Government Partnership, (OGP) in the current administration
In attendance at the presentation was the Minister of Information, Lai Mohammed, Minister of State for Transportation, Gbemisola Saraki, Minister of State for Health, Adeleke Mamora, among other government officials.
(C) Control TV 2019.
