President Buhari presents 10.33 trillion naira 2020 budget to Lawmakers

Nigerian President Muhammadu Buhari presented a record 10.33 trillion naira ($33.8 billion) budget for 2020 to a joint session of the National Assembly on Tuesday, the first spending plan of his second term after he was re-elected in February.

The plan for Africa’s top oil exporter assumes crude production of 2.18 million barrels a day and an oil price of $57 per barrel. As is customary, the budget must still be approved by parliament before being signed into law by Buhari — a process that can take months, Reuters reports

President Buhari, who named the bill a “Budget of Fiscal Consolidation for 2020,” noted that allocations to some MDAs as laid out in the budget are as follows: Works & Housing — N262bn, Transportation — N123bn, UBEC — N112bn, Defence — N100bn, Agriculture — N83bn, Water — N82bn, Niger Delta – N81bn, Education — N48bn, Health — N46bn, NEDC – N38bn, SIP – N30bn, FCT – N28bn.

Pix: President Muhammadu Buhari