2020 Budget: Finance Minister Puts Total Revenue At N8.15trn (See Breakdown)
Minister of Finance, Budget and National Planning, Zainab Ahmed, has put the total revenue of the proposed 2020 budget at 8.15trillion naira.
Ahmed 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.
According to the minister, the total expenditure for the proposed budget stands at 10.33 trillion naira.
She said: “This is the first time in a long time that this presentation is done early in trying 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:
I. 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.
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.
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.
