Headlines
See Breakdown of Buhari’s 2020 Budget
- /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://pointblank.ng/wp-content/uploads/2019/04/Buhari-1-1000x576.jpeg&description=See Breakdown of Buhari’s 2020 Budget', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://pointblank.ng/wp-content/uploads/2019/04/Buhari-1-1000x576.jpeg&description=See Breakdown of Buhari’s 2020 Budget', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
President Muhammadu Buhari on Wednesday presented his proposal for Nigeria’s 2020 budget to a joint session of the National Assembly in Abuja.
The aggregate expenditure he proposed for the Federal Government in 2020 is N10.33 trillion.
The proposal shows that about a quarter of the sum (N2.45 trillion) will be used for debt servicing, while capital expenditure is expected to gulp N2.14 trillion which excludes the capital component of statutory transfers.
A further breakdown presented by the president shows the expenditure estimate includes statutory transfers of N556.7 billion, non-debt recurrent expenditure of N4.88 trillion and provision for Sinking Fund to retire maturing bonds issued to local contractors is N296 billion.
The budget was prepared on the assumption of $57 per barrel with crude oil production of 2.18 million barrels per day and the exchange rate assumed at N305 to $1.
Other assumptions include real GDP growth of 2.93 per cent while “inflation is expected to remain slightly above single digits in 2020.”
The president said the 2020 Appropriation Bill is designed as a budget of:
a. Fiscal consolidation, to strengthen the 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 social investment programs to further deepen their impact on those marginalised and most vulnerable Nigerians.
The president also presented a Finance Bill for consideration and passage into law.
The sum of N8.155 trillion is estimated as the total Federal Government revenue in 2020 and comprises oil revenue N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenues of N3.7 trillion. This, the president said, is seven per cent higher than the 2019 comparative estimate of N7.594 trillion inclusive of the Government Owned Enterprises.
He explained that the increasing share of non-oil revenues underscores confidence in his administration’s revenue diversification strategies, going forward.
“Furthermore, in our efforts to enhance transparency and accountability, we shall continue our strict implementation of Treasury Single Account (TSA) to capture the domiciliary accounts in our foreign missions and those linked to Government-Owned Enterprises,” Mr Buhari said.
For statutory transfers, which are the first-line charge, the president said N556.7 billion has been provided for in the budget and it includes:
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.
Mr Buhari announced the increase of the budgetary allocation to the National Human Rights Commission from N1.5 billion to N2.5 billion. This 67 per cent increase in funding is done to enable the Commission to perform its functions more effectively, he said.
The non-debt recurrent expenditure includes N3.6 trillion for personnel and pension costs, an increase of N620.28 billion over 2019. This increase reflects the new minimum wage as well as our proposals to improve remuneration and welfare of our Police and Armed Forces.
Overhead costs are projected at N426.6 billion in 2020. He said additional provisions were made only for the newly created ministries.
The Speaker of the House of Representative, Femi Gbajabiamila, in his closing remarks, promised speedy consideration of the budget as well as a cordial relationship between the National Assembly and the presidency.
Premium Times
The Federal government has disclosed that necessary measures, including international collaboration, are being deployed to ensure the safe release of the 47 kidnapped teachers and students of both public and private schools in Yawota and Ahoro Esienle communities in Oriire local government areas of Oyo State.
Secretary to the Government of the Federation, Senator George Akume, disclosed this on Thursday during the unveiling of the remodeled 154-bed Premier Hotel in Ibadan.
He reassured residents of Oyo State and the South-West region that the government is intensifying efforts to tackle insecurity across the country, including the recent rise in banditry, kidnapping, and related crimes.
“I must at this point reassure the good people of Oyo State and indeed the South-West that the Federal government is seriously addressing the upswing in banditry, kidnapping and associated criminalities across the nation.“
“I wish to assure you that every realistic measure, including international collaboration, is being taken to ensure that the kidnapped victims in Oriire Local Government Area are safely brought home without harm or avoidable loss of life,” he said.
He called on citizens to remain vigilant and support security agencies through intelligence sharing and community collaboration.
“I urge all citizens to remain vigilant and to work collaboratively with security agencies. There is undoubtedly a huge role for traditional and faith-based institutions to play in this regard and I urge them to take the lead through the various channels provided by government,” he added.
“The economy can only thrive in an atmosphere of peace and security,” noting that the Tinubu administration has made substantial investments in strengthening the nation’s security architecture.
“Economic development can only flourish in an atmosphere of peace, stability and security. That is why our administration has continued to invest significantly in strengthening the nation’s security architecture,” he said.
He stated that over the past three years, the government had enhanced inter-agency coordination, improved intelligence gathering, expanded technological surveillance capabilities, strengthened community-based security initiatives, and increased support for the armed forces and security agencies.
“There is an ongoing process in the National Assembly targeted at enhancing policing at all levels. We hope to roll this out in no distant future,” he said.
He noted that his administration’s efforts are yielding measurable results across several parts of the country and would continue until every Nigerian could live and conduct business safely.
“These efforts are yielding measurable results across many parts of the country. We remain committed to ensuring that every Nigerian, every investor, and every visitor can live, work, travel and do business in safety and confidence,” he stated.
He said visitors and investors should be assured that Nigeria was becoming increasingly secure and attractive for investment.
The Senate has passed a bill to establish State Police in Nigeria.
The Senate plenary was presided over by Senate President Godswill Akpabio.
The Senate adopted manual voting for the consideration of the State Police Bill after the electronic voting device developed technical issues during plenary on Wednesday.
Under the manual voting arrangement, each senator had to stand up, announce his or her name, and openly state his or her position on the proposed bill for establishing State Police.
President Bola Tinubu had earlier transmitted a Constitution Amendment Bill seeking the establishment of State Police to the Senate as part of efforts to strengthen the country’s security architecture.
The legislation seeks to amend relevant provisions of the 1999 Constitution to create a legal framework for the establishment of state police across the federation.
The move follows repeated calls by the President for constitutional reforms that would enable states to play a more active role in securing their territories.
A fresh spotlight was cast on terrorism financing and security threats on Tuesday as the United States sanctioned a Lagos-based alleged ISIS (Islamic State of Iraq and Syria) financier.
This came as troops neutralised suspected ISWAP (Islamic State West Africa Province) operatives and the Federal Government deepened counterterrorism cooperation with international partners.
The United States imposed sanctions on Mukhtar Adamu Muhammad and three bureaux de change linked to him over accusations of facilitating funds for the terrorist group.
Muhammad, 35, also known as Adamu Mukhtar and Muhammad Mukhtar, was identified as a key facilitator for ISIS-West Africa. He was listed with an address in Agege, Lagos State.
According to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), Muhammad allegedly served as a conduit for ISIS financing through bureaux de change operating in Lagos and Kano states.
The three businesses sanctioned alongside him are Generation Currency Bureau De Change Limited and Nine to Nine Exchange Bureau De Change Limited, both based in Lagos State, as well as Manhattan Bureau De Change Limited in Kano State.
According to OFAC, the network includes a France-based facilitator accused of providing information on explosives to ISIS supporters and a Syria-based operator who allegedly used cryptocurrency to transfer funds to ISIS associates in several countries, including the United States.
Announcing the sanctions, U.S. State Department spokesperson Thomas “Tommy” Pigott said the measures were aimed at disrupting the terrorist group’s financial operations worldwide.
“Under the leadership of President Trump, the United States is dismantling ISIS’s ability to finance terrorism around the world.
“We are cutting off the financial lifelines that enable ISIS to fund attacks, support its regional affiliates, and threaten civilians, including religious minorities,” Pigott said.
He added that the actions reflected sustained U.S. efforts to weaken ISIS, which he said had increasingly decentralised its operations and relied on financial intermediaries to sustain its global network.
The U.S. government also reaffirmed its security partnership with Nigeria, citing Abuja’s role in the May 16, 2026, operation that resulted in the killing of Abu-Bilal al-Minuki, described as the second-highest-ranking ISIS official.
Washington pledged to continue deploying diplomatic and legal measures against ISIS and its supporters.
