Analysts Frown at Buhari's 9.7 trillion Naira 2020 Budget

Newscast - Africa

English - September 11, 2019 15:11 - 2 minutes - 994 KB
News Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed

Previous Episode: The German Beetle Maker Gets a Makeover

Next Episode: China Romances Morocco on Tourism; Buhari in Abu Dhabi Leaks Nigerian Investment Plan; 4 Countries at the Forefront of Digital Revolution in

Economic analysts have expressed reservations over the federal government's projected budget of N9.7 trillion for 2020, saying the figure ought to be more in the region of 12 Trillion. The federal government had unveiled the draft 2020-2022 Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper (FSP) with a projected total budget of N9,789,243.466 for next year. It also expressed concern that the country faces significant medium term fiscal challenges, especially with respect to revenue generation and rapid growth in personnel costs. The total budget (excluding that of government-owned enterprises, GOEs) is N8.907,940,657.001. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who

unveiled the 2020-2022 Medium Term MTEF/FSP, which guides government's fiscal plan, in Abuja, disclosed that the 2020 budget is predicated on certain key assumptions, including oil production of 2.18 million barrels per day (mbpd), a benchmark oil price of $55 per barrel, an exchange rate of N305 per dollar, and a projected revenue of N7.6 trillion.

---

Support this podcast: https://anchor.fm/newscast-africa/support