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FG Proposes 2020 Budget of N9.12 tn above Revenue with N2.28tn Deficit


The Federal Government has proposed N9.12tn as the 2020 budget estimate. It has deficit of about N2.28tn.

These were contained in the 2020-2022 Medium Time Expenditure Framework and Fiscal Strategy Paper sent to the National Assembly by President Muhammadu Buhari on Wednesday.

The figure is slightly higher than the 2019 estimate of N8.92tn.

It stated that the expenditure would include grants and donor funding of N36.39bn.

The expected revenue projection, according to the document, is N170.41bn higher than that of 2019 which was N6.99tn.

The documents stated that the N34.2 per cent of the projection would come from oil sources while the balance would be earned from non-oil sources.

It added that the retained revenues of the 10 major Government-Owned Enterprises were considered, the aggregate Federal Government revenue is projected at N7.72tn.

The document read in part, “Interest payment on debt is estimated at N0.45tn while provision for Sinking Fund to retire maturing bonds to local contractors at N296bn.

“The provisions for personnel cost and pension costs are estimated at N2.67tn and N586.72bn respectively.

“In addition, N40.17bn representing one per cent of the consolidated revenue fund, has been earmarked for the Basic Health Care Provision, N22.73bn for GAV/Routine Immunisation in the Service Wide Votes and N89.44bn for the power reform programme.”

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