President Muhammadu Buhari has formally presented N10.729 trillion budget estimate to National Assembly for the 2020 fiscal year.

Buhari said the 2020 budget is based on the proposed new VAT rate stressing that the increased revenues will be used to fund education, health, and infrastructure.

The proposed budget is on the assumption of $57 per barrel, daily oil 1.86 million barrel per day.

Buhari said the goal of presenting the 2020 Appropriation Act early to the lawmakers is to ensure that becomes operational on January 1, 2020, adding that the main emphasis of the budget is on the completion many ongoing infrastructure projects, instead of starting new ones.

The sum of N262 billion was earmarked for Works and Housing, transportation; N123 billion and Agriculture, N83 billion.

Universal Basic Education got N112 billion, Defence N100 billion, Water Resources was allotted N82 billion, Education sector N48 billion, and health N46 billion.

North East Dec Commission got N38 billion, SIPs was given a budget of N30 billion, FCT N28 billion and the Niger Delta N24 billion.

It is expected that the joint Assembly, which received the budget will in the next few weeks consider the estimate for early passage

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