President Muhammadu Buhari Presents 2020 Appropriation Bill

Must Read

FG offers free business registration for 250,000 MSMEs

The Federal Government says it has offered free business registration for 250,000 Micro, Small and  Medium Enterprises (MSMEs) nationwide...

The Legal Side of Doing Business in Nigeria: Compliance Checklist You Need as a Small Business Owner

Setting up a business in Nigeria is one of the roads to financial independence. As most persons who have...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

Finally, President Muhammadu Buhari presented Nigeria’s 2020 appropriation bill to the joint National Assembly today, Tuesday, October 8, 2019, as he hopes to return the budget cycle back to January – December with the cooperation of the legislators.

The President presented a record N10.73 trillion 2020 budget which was predicated on an estimated crude oil production of 2.18 million barrels per day at USD57 per barrel as well as an exchange rate of N305/USD. Also, with the proposed increase in Value Added Tax (VAT) to 7.5% from 5.0% in the draft finance bill, the estimated revenue rose to N8.16 trillion as Oil sector was expected to contribute N2.64 trillion; Non-oil N1.81 trillion and others, N3.70 trillion. He mentioned that the increased revenue will be used to fund health, education and critical infrastructure. For the 2020 budget estimate, the President earmarked N2.45 trillion for debt service, N721.33 billion for capital outlay and N125 billion to the National Assembly, amongst other things.

Of the priorities of the fiscal authority in the year 2020, investment in critical infrastructure,
stimulation of private sector investment to support public projects and enhancement of social investment projects were mentioned by the President. Also, he pointed out that Single customs window and Petroleum Industry Bill (PIB) remained his focus in 2020.

Read Also:  Nigeria Grossed N289.04 Billion from Value Added Tax Q1’19 – NBS Report

Our Opinion

- Advertisement -

While we note that Nigeria needs increased budget to fund critical infrastructural projects as a means to facilitate ease of doing business, the pressure that the increasing and proposed new taxes would create for companies amid low disposable income could further hamper the economic growth the administration is trying to boost.

Cowry Research

- Advertisement -
President Muhammadu Buhari Presents 2020 Appropriation Bill - Brand SpurPresident Muhammadu Buhari Presents 2020 Appropriation Bill - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here
Read Also:  Manufacturers, PDP Denied The Moves Against Planned Hike In VAT

This site uses Akismet to reduce spam. Learn how your comment data is processed.

President Muhammadu Buhari Presents 2020 Appropriation Bill - Brand SpurPresident Muhammadu Buhari Presents 2020 Appropriation Bill - Brand Spur

Latest News

Sunlight Real Estate Investment Trust Operational Statistics for the First Quarter of the Financial Year 2020/21

HONG KONG, CHINA - Media OutReach - 21 October 2020 - Henderson Sunlight Asset Management Limited (the "Manager"), as manager of Sunlight...

7-Eleven launches two new vegan ready-to-eat meals from OmniEat

Convenient, healthy and plant-based food options ready in minutes! HONG KONG, CHINA - Media OutReach - 21 October 2020 - In recent years, more consumers around the globe are choosing...

MSIG RM20k Donation To MoH For PPE For Sabah Front Liners

KUALA LUMPUR - Media OutReach - 21 October 2020 - MSIG Insurance (Malaysia) Bhd "(MSIG Malaysia)", is channelling RM20,000 to assist the Ministry of Health (MoH)...

Amazon Donates to More Than One Thousand Charities Worldwide this Holiday Season, Expands Wishlist Campaign in Singapore to Benefit More Nonprofits

Amazon teams up with Nathan Hartono to deliver smiles and distribute donation to underprivileged children in Singapore, including a donation to Nathan's charity of choice, Club Rainbow...

‘AXA Light Up Your Mind Programme’ New online learning platform to support mental wellness of primary students

HONG KONG, CHINA - Media OutReach - 21 October 2020 - AXA Hong Kong and St. James' Settlement joined hands to launch the 'AXA Light Up Your Mind Programme' in...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -President Muhammadu Buhari Presents 2020 Appropriation Bill - Brand SpurPresident Muhammadu Buhari Presents 2020 Appropriation Bill - Brand Spur